Introduction
The marketing mix is one of the crucial tools for the business industry that is used to promote the product and find the right segment for the particular goods. This is a set of methods and strategies that are supposed to increase sales and revenue and reach potential buyers. A marketing mix aims to analyze the targeted audience and develop the steps that would align the customers’ needs with the products. Therefore, the paper aims to identify the marketing mix concept and how it enables marketers to provide customers with high-quality service.
Marketing Mix
The marketing mix is a necessary process in entrepreneurship, which is responsible for successful promotion and high sales. Neil Borden was the first one who mentioned the term in the middle of the twentieth century and contributed to the appearance of the modern version of it (Grewal and Levy, 2020). E. Jerome McCarthy, another respected marketer, later developed the initial concept into the idea of the four P’s, including price, product, place, and promotion (Grewal and Levy, 2020). Price determines how much people will afford the goods and how much sales it will eventually stimulate. Depending on the customer segment, the cost can vary, but it should be relatively low for the client to pay for the product and choose it over other offers in the market. A product is something that the company produces and sells to gain revenue. Based on the specifics of one or another product, the marketing team determines the promotion vector and particular strategies used for this purpose.
Consequently, the place where the product is advertised is critically important since the right choice will facilitate reaching the customer. The site selection also includes the number of team members required for the task and the type of service or goods necessary to consider for the successful promotion. The last factor includes all the previous components since the marketing team can create a promotion strategy based on them. The modern version of the marketing mix also consists of physical evidence, process, and people (Grewal and Levy, 2020). Those additional aspects emphasize the environment where the customers have to interact with the personnel or receive the services, the internal working process, and human resources.
Eventually, marketers can guarantee the business a well-planned strategy for product advertisement and increase sales with the proper use of the marketing mix. They can determine what methods to use for the promotion, how to organize the logistics, which channels to use to reach potential customers, and many more (Grewal and Levy, 2020). Due to this approach, the marketers can competently distribute the sources and create a plan that will be beneficial for the company. Moreover, there is a possibility of increasing the market share by implementing new ideas and improving existing techniques. It includes the correction of the mistakes, enhancement of customer services, product quality, and more diverse product offers (Grewal and Levy, 2020). For example, it could be represented in discounts, low prices, and innovative images of the goods.
Conclusion
Overall, the marketing mix is a crucial strategic element for the business and entrepreneurship spheres responsible for the effective advertisement and targeting of the particular customer segment. Considering the four original aspects of the method, including price, product, placement, and promotion, it is possible to develop a successful targeting plan. The marketing mix ensures that the company’s production reaches a specific audience and that all the critical moments are considered for efficient commercial and high sales.
Reference
Grewal, D.,& Levy, M.(2020). M: Marketing (7th ed.). McGraw-Hill. ISBN:9781260260359