Topic 5 Marketing Mix

Defining the business’s marketing mix is an integral step of marketing. The marketing mix is comprised of 7 P’s;

❖Product: The product or service being provided by the business should be central to the marketing mix.

❖Price: What are the target audience prepared to pay? Can the business match competitors’ prices?

❖Promotion: This includes all promotional activities across the marketing mix, including advertising, direct marketing, and in-store promotional activities.

❖Place: Understanding the target market’s preferences and purchasing patterns will make it easier to determine where the business offerings should be made available in order to increase and maintain sales.

❖People: It is important that everybody who represents the business or deals with customers have a vast knowledge of the business and its benefits. Excellent customer service not only brings more sales but can also increase the customer base by referrals from other customers.

❖Process: The customers should receive the product or service being offered most efficiently and reliably for ease, convenience, and repeat sales.

❖Physical evidence: This takes into account all physical aspects of the business, from online presences to actual buildings, and is evidential of the existence of the business and its sales, including receipts, invoices and emails.

To gain a better understanding of the 7 P’s of the Marketing Mix, please watch this YouTube video