The elements of marketing mix are concepts entrepreneurs leverage to run a business.
While technology may change the ways businesses operate, these elements are here to stay.
For as long as businesses use marketing tools to promote goods or services, these elements are important.
Below are the elements, also known as the 5Ps of marketing.
- Product
- People
- Price
- Place
- Promotion
Let’s discuss what a marketing mix is and why it is important.
What is a Marketing Mix Strategy?
A marketing mix (also known as 4Ps of marketing mix) is a set of elements or marketing tools that a business uses to sell products or services to targeted buyers.
Promoting the right products for the right people at the right price is what it is about.
In 1953, Neil Borden, a Harvard Professor, coined the word, “Marketing Mix”.
He further explained how marketers with these elements of a marketing mix can:
- Lead a better A-list team of marketers
- Understand the business strengths and weaknesses.
- Become more productive and competitive in the market space.
5Ps Elements Of Marketing Mix Strategy With Examples
1. Product In Marketing Mix
The first elements of marketing mix strategy is understanding the product and how it will benefit users.
Every of your marketing should revolve around your products – at the core centre of your business.
Your products or services make you valuable to your customers.
I am of the belief,
When customers pay you the first time, it’s a sign you had successful marketing.
If they do again, it’s a sign you have a successful product.
So, always look for ways via feedbacks to improve your products than what is existing.
This is how you identify challenges and what solution (update) is next.
Example:
And if you sell herbal products, what benefits do they provide?
Possible Benefit: It helps small businesses communicate their brand and sell their products.
If you sell a web design service, what benefits does it provide?
Possible Benefit: It cleans the immune system, making the health free of infections.
2. Price In Marketing Mix
Price is a key element of marketing mix because it can make or mar your products.
It is easy to sit, calculate the cost of materials, and base your pricing on that.
While that is important, you first need to know what the market wants to pay.
Because a customer pays for a product according to his perception of what he thinks the product is worth.
If your price is too low, you will lose profits. And if it stays too higher, you will lose customers. Both will push you out of business.
But how will a customer knows the value of a paid product when they have not used it?
This calls for a sustainable business model.
Careful pricing as elements of marketing mix will allow you to remain competitive while still making profits.
Example of Marketing Mix Strategy:
Dropbox has a successful pricing model that caters to all forms of users.
This way, they attract new customers and keep existing ones.
3. Place In Marketing Mix
The element of place is where you attend to customers selling your products. It is where customers can find and receive your services.
You cannot be winking at a girl in your room and expect her to know from her room.
Get a wonderful location (be it shop or online) where customers don’t stress to notice what you offer.
And what makes a suitable location?
The best location for any business is where already paying customers are shopping for similar products.
While some business needs a competitive area, others may need residential areas.
Important Examples Of Marketing Mix:
Two industries that understand this well are the fashion and automobile industries.
They sell in high-profile places that befit their luxury items.
So, don’t keep back in paying for an excellent location. The returns are always worth it.
4. Element Of Promotion
This element is about marketing your products to the right customers.
Because marketing is most effective with the right location and perfect message.
Also, buyer Persona is useful in defining your ideal customer profile. It helps you speak to a focused audience.
An effective buyer personal includes knowing a customer:
- Challenges,
- Needs,
- Income Status and more.
These details are enough to give you a clear image of what your customers want and what makes them buy.
And popular ways to reach out to these people ready to pay are:
- Content Marketing,
- Social Media Marketing,
- Search Engine Optimization.
I encourage you to start with the one that aligns with your target market so you don’t spread too thin.
Example of Marketing Mix Strategy:
If you sell fertility herbal products. Then your largest market share will be females – newly wedded women.
And your promotion should start with social media (very important).
All you need to do is massive publicity using a Facebook page.
Ad message: Increase Your Fertility Rate And Live A Life Free Of Infections.
Then encourage them to join your private Facebook group for exclusive guides.
Keep sharing valuable resources and they will invite fellow women to join the group.
The results will WOW you in three months’ time. I speak from proven experience.
Other Elements In Marketing
5. People In Marketing Mix
The element of people in marketing mix is not about your customers. Instead, it is about your team.
You may have the best products at the right price in the right location.
If you miss it with your co-workers or staff, there is going to be a problem.
A rude customers service can make you lose a customer for a lifetime.
Your sales as a marketer don’t end at payment – your customers expect more.
Physical Evidence In Marketing Mix:
I will leave every other shop and go down the street to a particular shop to buy provisions.
Later, when I vetted my actions. I realized, there is no day I go to the shop that I don’t come out laughing.
Because the owner and her sales girls have a beautiful way of asking after my welfare and bringing up topics to discuss.
And when she sees me anywhere, she will call to greet me.
The result: I am still going till today – at least at the time of writing this.
Customers’ service is key.
Conclusion:
As an entrepreneur, you should consider the 5Ps of marketing before starting a business.
These elements of marketing mix are product, price, place, promotion, and people.
Strategic use of these five elements will help you not only reach the right buyer, but also sell faster.