June 7, 2019, 13:05 PM
Marketing mix plan is a method to promote new products in the market and to reach massive customers with great planning strategies. In the industry, this method uses the 4Ps concepts to get beneficial business. Those 4Ps that I have already mentioned in my previous blog sampling methods are called Product, Price, Place, and Promotion. The marketing mix plan derives the calculation by using this 4Ps.
The website called the cleverism describes the marketing mix plan is nothing but putting the right product in the right place at the right time with the affordable price. It may sound very easy, but without proper plans on this marketing method, then you will end up seeing the failures of your products. Marketing mix plans taking place to understand the purpose of the product and services and what it could offer to the consumers. It also includes how to make this marketing method successful with the help of 4p concepts.
Now let’s have a look at the purpose and concept of the marketing mix plan. The marketing mix plan became very popular back in 1964 when Mr. Nail Borden published “The concept of the marketing Mix” article. It gave the detailed planning of the marketing mix which included the brand, promotion, price, place, packaging, distributions, and advertisements. Later this concept is modified into the product, the price, the place, and the promotion. We will have a detailed version of these 4 concepts later in this blog.
These four concepts are independent and looped with each other. All of them need an individualized plan to execute, but if the plan for one of the above concepts is failed then the loop will be collapsed.
The Four Components: This is what you should know about!
The very first marketing mix concept or component or P is the Product. It can be anything from a matchbox to the helicopter. Usually, the company will collect all the information about its targeting audience and markets. They gather only the ideas, concepts, and later the product will be produced with the customers’ preferences. Marketers would study what is costumer’s need and convey the needs of the producers.
Packaging: Here we have another two sub-concepts which related to the product and which decides the price of the product are packaged and branding. “Judge the book by its cover” – it is absolutely not a bad idea. Some countries use paper packages, some find unwrapped vegetable is not a bad idea and all, some often go for non – plastic zero-waste packing. It is all depending upon the product a company chooses to produce and sell.
Branding: If the product is properly covered with containers or paper bags, they are definitely coming with brand identities and advertisement. Check the big shoppers which carried your fruits and vegetables you bought last week in your nearest supermarket. Every weighing material that shop handed over to you carries the branding methodology.
The second marketing mix concept is the price. It depicts a lot of things about the product either the quality of the product or the brand value of the product. We know, if the product sounds very costly, we assume that it is good in terms of quality. For example: Levis’, Gucci, iPhones and more. But marketers and producers either go high price or low price to gain the market values and it’s common. Think about Indigo Airline. The ticket prices always change from high to low or low to high, depends upon the season.
This is where you are going to sell your product. The channel of distribution or the Place is the third concept of the marketing mix plan. Outlets, e-commerce websites, rental space in the bigger mall, wholesale markets, and supermarkets are all the platforms where the target audience can easily access your products.
The marketing methods applicable to promote your products are falling under this fourth and last concept of the Market Mix Planning. Companies choose online and offline promotional tools to let the customers know the existence of your product and the values of your product.