The marketing mix refers to the set of factors that influence how a company provides value to its consumers. A company may make successful marketing decisions at every level by identifying and organizing the parts of its marketing mix. These elements are called the 7Ps: Product, Price, Promotion, Place, People, Process, and Physical evidence (Thabit, 2018). The importance of the marketing mix in promoting and selling a company’s product should not be overlooked. Successful marketing initiatives take advantage of all their assets while downplaying or controlling their flaws. To achieve that balance, a business must first comprehend all of the critical aspects of the marketing mix for that specific product (Thabit, 2018). A thorough study of the product’s marketing mix results in a more effective and eventually successful marketing strategy. It enables the organization to leverage its strengths, lowering marketing expenses while enhancing the return on investment. In the end, more product units are sold, resulting in more profits if the organization performs excellent customer service.
Four fundamental aspects are identified that any business must consider implementing its activities successfully. Price is determined by the customer’s perception of the product’s worth, and it may significantly impact the company’s marketing approach (Thabit, 2018). A lower price makes a product more accessible to a broader range of clients, whereas a higher price attracts those who demand exclusivity. To handle any issues that may develop after the product is in the hands of the user, marketers must examine the product’s life cycle (Thabit, 2018). All aspects of promotion are conveyed to whom it is communicated, how that audience is reached, and how often it is informed. Furthermore, location is a significant factor since it determines where a client may use, access, or buy a product. Distribution centers, transportation, warehousing, inventory choices, and franchising are examples of this.
Reference
Thabit, T. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4), 1–10. Web.