What is the marketing Mix?
The marketing mix is a range of four interrelated business concepts that enable a business to deliver the product/service to their target market.
The four main components of the marketing mix are product, price, promotion and place. These are the four crucial parts a customer-oriented business needs to consider in order to market its products effectively. Each part corresponds to a specific aspect of the customer that has the same meaning or translation to the customer. These four parts are interrelated and need to be fully integrated when marketing. This means that each part needs to echo and complement the other.
Product = Customer
We currently live in a world where human-centered design should be the face of any business. Human centered design is the concept/perception that every product/service created should be for the customer. Its design and features should aim at addressing a societal problem or the demand of a target market. In other words, product/service = customer. This is where the concept of ‘value’ comes in. A high value product is not necessarily one of a high price just as how a low value product is not necessarily one of a low price. Value of a product stems from how your product meets the expectations of your target market. Your target will perceive high value in your product/service if it meets their needs and expectations as anticipated. For instance, if you are starting a fashion label for the exclusive women of Dar es Salaam, you would want to design the clothes with a quality of material that suites your target market. The design and even smell of the clothes should echo the tastes and preferences of the exclusive women of Dar es Salaam.
Price = Cost to customer
The price needs to be well integrated with the product. Beyond presenting the cost to the customer, the price shapes the perception of your target market of your product/service. But what really makes the ‘right’ price? There are various factors that shape your pricing decision but the biggest ones are your target market and the 3 other parts of your marketing mix. If your product is a fashion label for the exclusive women of Dar es Salaam, your target market will most likely be of a high economic backgrounds therefore dictating your price to be high. These prices will suite the marketing mix for your target market.
Promotion = Communication to customer.
This is an important part of the marketing mix because it allows the business to communicate with the customer and business-customer relationship is crucial to the survival of your business. Promotion is not only about advertising per se. It comprises of a range of activities from the small sales promotion to sponsoring, all aimed at communicating the brand to the customer. The main question a good business should ask itself is: How can I best communicate my brand to my target market? It’s no good advertising your fashion label in a national newspaper if your target market does not read newspapers. Be creative. Use the social media, posters and any creative way you can think of to reach your target market exclusively.
Place = Convenience to customer.
Your place should integrate well with the rest of your marketing mix. By place, we mean where you choose to supply your product; where customers can find your service; where your product avails itself to them. This matters so much because the product might be as good as its promotion but if the place does not welcome your target market and echo your brand, it is a waste of your time. There is no point in setting up a retail market downtown when your exclusive market is really into e-commerce. Think about your customer and make a change.