Marketing is one of the most important business areas and we have talked about business areas before you can check our article discussing business areas here.
Have you ever asked yourself after you watched a professional TV commercial, how did they get the ability and creativity to affect you and how they link you to the product even before you buy it and try it? Easy – it’s all thanks to marketing,
What is the marketing mix?
The marketing mix is a set of interrelated and integrated marketing activities designed to implement marketing function according to a planned approach. The marketing mix is defined as
“the marketing tools used by any company in order to continue to reach marketing objectives in the target market”,
these tools are called components of the marketing mix.
The marketing mix is one of the basic concepts in modern marketing, and the main principles of this combination are traced back to 1948 by James Colton. He suggested that marketing decisions can be defined according to a wonderful prescription. In 1953, the president of the United States Marketing Association, Neil Borden give it that name (Marketing Mix), and in 1960 they identified all the elements of the mix, which all starts with the letter P.
It is necessary to pay attention to the components of the marketing mix, which contribute to the assessment of the special activities in the work environment on an ongoing basis. These seven elements are the right way to achieve the best results for work in the marketing industry.
The Seven Elements of the Marketing Mix
- Product
- Place
- Promotion
- Price
- People
- Physical Evidence
- Process
Let’s delve a little deeper and discover what some of the elements in the marketing mix is all about.
Product
Something that is produced by a mechanical, human or natural effort. Business owners have to pay attention to their own products in order to make the right decision about whether their product is profitable or not. It is also their responsibility to ensure that the product is suitable for their ideal customers.
Price
The price is based on the constant search for prices for the services and goods sold by the business owner. In order to ensure that they coincide with the current market, these prices may sometimes need to be reduced or increased. The business owner should always be aware of pricing trends and be willing to reconsider to restructure the pricing, especially if it is not ideal and suitable for the market at present.
Promotion
This refers to all the methods used to inform customers about the services or goods and the means used to sell them. Various companies are trying to experiment with different ways of promoting their services and products, and whatever the method of promotion used should be geared towards increasing sales by means of a successfully executed advertisement.
We trust that you have found our article on the marketing mix and three of the most important elements of it insightful and that you will be able to implement some of these strategies easily. Follow us to get to know the rest of the elements of the marketing mix as we will discover and uncover them.
