Have you decided on the right marketing strategy for your business? If not, maybe marketing mix can be a solution to your business marketing strategy. What is a marketing mix? In general, marketing mix can be defined as a marketing strategy that combines various variables to achieve maximum profit. There are two concept in marketing mix, the 4P and the 7P concept.
Explanation of The 4P and The 7P Concept
The concept of 4P was conceived by Jerome McCarthy in 1968. The 4P concept consisting of Product, Price, Place, and Promotion. Then, Booms and Bitner in 1981 developed from the 4P concept to the 7P concept as an addition to the previous concept. The 7P concept consists of Product, Price, Process, Promotion, Physical Evidence, Place, and People. So, what’s the difference between the two concepts? The difference can be seen from the variables that both concepts have. The 7P concept is in addition to the 4P concept. With this improvement, a business can analyze in detail the conditions of the market faced.
Furthermore, here is an explanation of each of the variables in both concepts of this marketing mix:
The product must be based on market research. In addition, specify the uniqueness or added value of your product that can meet the customer’s needs. The product is not only in the form of goods, but also can be in the form of services. It is essential to create a product that can make customers satisfied. As a result, customers will repurchased your products.
The price in this case is the fee that will be charged to your customers to get the product from your business. Keep in mind that the price should be proportional to the benefits that are provided by your product. So, the customers who buy your product do not feel regret.
The place of your business operations is being a main factor in business operations. This variables refer to how your product can be easily distributed to customers. You have to choose the right place to operate your business. Therefore, it will make it easy for your customers to get your product.
The promotion has an essential role in your business. Without promotion, your product can’t be sold. In this case, promotion refers to how your business can conduct good marketing communication to provide information to customers about the products you sell. You can use various marketing channels in doing a promotion activity such as advertising and social media.
Human resources is important for your business operations. Your business cannot operate appropriately without the presence of human resources. The people variable emphasizes the human resources involved in the operation of your business. So, it’s not just focusing on the customer of your business. One of the considerations in this element is to recruit good employees.
Process variables emphasize how the procedures of your business operations in producing a product. This procedure covers up to the process of delivering products to the customers. As a result, good procedures will certainly lead to success in products and also marketing.
7. Physical Evidence
This physical evidence variable emphasizes the supporting tools of production activity. It is important to have a supporting tools in your business. This is because the tools gives convenience in the production process of your product. The packaging of your product is included in this variable. You can make an attractive product packaging. As a result, attractive product packaging can increase sales of your products. Also, the layout of your business store or place is a consideration in this variable.
In conclusion, marketing activities are a crucial factor in your business operations. This is because your products can’t be sold without any marketing activities. In this digital era, conventional marketing is switching to digital marketing. You can take advantage of this moment by implementing it into your marketing plan strategy.
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