What is Marketing Mix?

Marketing mix and the importance of marketing mix in business activities of enterprises is a matter of interest and lively discussion. 4P and 7P are the most used models. Let’s learn about this type of marketing mix with CleverAds!

1. What is the Marketing Mix?

The Marketing Mix is a set of controllable marketing variables that a business uses to try to get the desired response from the target market. Marketing is a form of promotion that harmonizes the fundamental elements to best suit the actual conditions of the business environment to maximize profits.

2. The role of the Marketing Mix

2.1 With business

A marketing mix is a solution to ensure strength and sustainable development in the market. It provides the ability to adapt to market changes and plan the right course, to meet the wants and needs of consumers. They create a connection between the production activities of enterprises and the market.

Besides, the Marketing mix is the bridge between the market and the business. Both collect market information about the product and provide information about the business to the market.

2.2 With consumers

Marketing mix brings many benefits to consumers. Through the marketing mix, businesses will find and discover the needs and desires of current and future consumers. Since then, they will constantly improve products, goods, and service quality to satisfy consumers.

2.3 With society

When businesses study the overall marketing activities of the companies, especially those in the consumer goods industry, besides focusing on economic development, they also focus on building community activities for social development festivals.

For example: Besides focusing on product development, businesses also pay attention to environmental issues and social welfare. For example, TH true MILK has the program ” Collecting Boxes, Spreading Green Living “, people will bring used milk cartons to specified points to exchange for gifts.

Then, the information about products, advertising, and media is also becoming more honest and closer to consumers than the “pictures are for illustration purposes only” are also reduced.

In addition, before globalization, the role of marketing has been enhanced.

Nowadays, consumers not only have access to domestic products but also use foreign products very easily. Because of that, businesses from different countries have many opportunities to expand their markets, communicate internationally and learn from business experiences. Thereby enhancing the position of the business image, and contributing to promoting the national image in the international arena.

3. Difference between 4P and 7P. Marketing mix model

3.1 Model 4P

The 4P model in marketing is used by marketers as a tool to implement marketing strategies. This Marketing model is “mixed” with 4 elements including Product, Price, Place, and Promotion in the most optimal way. Revenue growth will be directly proportional to the success of the business in using the 4Ps.

When making a 4P marketer model, it is necessary to answer the following questions:

Product: What to sell?
Price: What is the product price?
Place: Where will the customer buy the product?
Promotion: How will customers learn about the product?

3.2 Model 7P

Similar to 4P, 7P is also a marketing tool. However, the 7P model was developed with 3 more elements: People, Process, and Physical Evidence (Infrastructure, marketing support materials). And with the 7P model is often used when businesses have products and services.

7P strategy is an important comprehensive strategy of businesses that helps businesses to:

Create competitive advantages, attract customers
Creating sustainable development
Capturing consumer wants and needs
Easily reach vice versa

To use the 7P model you need to be able to answer that:

Product: What are the ways to develop products?
Price: What is the price of the product?
Place: Choose the form of product distribution to customers such as online sales, direct sales, and etc,.
Promotion: Promote your products by what communication channels?
People: Do company employees have skill gaps? How should employee skills be improved?
Physical Evidence: Is it good to collect information related to customer experience? How to improve the quality of the experience?
Processes: Upgrade facilities to optimize supply processes to maximize profits.

3.3 Distinguish 4P and 7P

Similar: Both are marketing mix models

Other:

The 4P is applied to ordinary goods, while the 7P is used when the product is a service.
4P is the tradition, 7P is the successor and improvement
The 4P model is designed at the time of product sales without focusing on service and the role of customer service in building and developing the brand. 7P is a comprehensive solution from products to after-sales service and brand development.

3.4 Some examples of 4P and 7P

Marketing model 4P

Coca-Cola is one of the most valuable brands in the world. Currently, Coca-Cola has a diversified product system including more than 3500 products. Coca-Cola operates everywhere with a worldwide distribution and franchise system (Place). All Coca-Cola products have a sensible pricing strategy that makes competitors look and compete fiercely (Price). Up to now, Coca-Cola has had a “treasure of advertising” with successful advertising campaigns around the world and powerful CSR activities (Promotion).

Coca-Cola is a testament to the successful application of the Marketing Mix strategy when placing the right product at the right time at the right price with wise advertising.

7P marketing model

Pizza Hut is a famous brand in the F&B industry. Referring to Pizza Hut is referring to a delicious piece of pizza with a variety of flavors (Product). With excellent taste, the company boldly priced products higher than competitors, pushing the brand to a new level (Price). Pizza Hut always chooses the most beautiful locations in any region around the world. Given the higher price, but with extremely good quality, a Pizza Hut store is still more popular than Dominos in luxurious Grade A buildings (Place).

Besides, the company’s Marketing team also implements marketing strategies.

Typically, the characteristics of local marketing strategies corresponding to each distinct culture make Pizza Hut closer to customers (Promotion). The process of creating dishes at Pizza Hut strictly complies with food safety and hygiene regulations. When the order is placed, the pizza will be immediately made and served hot with the desire to give customers the best experience (People). The shop space is neat, private, and spacious, and eating utensils are selected. In addition, there is a unique feature that diners will enjoy pizza from pans that fit their plates (Physical Evidence).

4. Conclusion

The marketing mix plays a very important role for businesses, customers, and society. Currently, it is an indispensable subject for universities specializing in Economics, Business Administration, and Marketing. Therefore, mastering the knowledge of marketing is essential if you pursue a career in this industry!