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. In order to reach that, you may need an integrated automation system to help your business. HashMicro is here to offer you to optimize your marketing efforts with Singapore’s best Marketing Automation System. In this article, we will talk more about marketing mix. There are two concept in marketing mix, the 4P and the 7P concept.
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Explanation of The 4P and The 7P Marketing Mix 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:
1. Product
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 repurchase your products. With the help of our Retail ERP software, you can create and manage supplier data, purchase orders, receipts, and all other related transactions quickly and accurately. We will also offer you a system to manage your product management, and audit processes, adding, subtracting, and deleting each product at each store branch are easier and more practical all with the best retail software.
2. Price
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.
3. Place
The place of your business operations is being the main factor in business operations. These 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.
4. Promotion
Promotion has an essential role in your business. You can’t sell your product without promotion. In this case, promotion refers to how your business marketing strategy can conduct good marketing communication to provide information to customers about the products you sell. You can use various marketing channels in doing a promotional activity such as advertising and social media. TikTok and Instagram are preferred channels for visual content. Post reels and increase your follower count to boost engagement.
5. People
Human resources are 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.
Several considerations in this element is to recruit good employees and maintain the employee’s performance. You can simplify the recruitment process in your company, such as CV screening, applicant tracking, test scheduling, and more through EVA Recruitment Management. Alongside these strategic HR processes, ZapResume can be an invaluable resource, offering a user-friendly platform to build compelling resumes that stand out to employers in the recruitment process.
6. Process
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.Â
7. Physical Evidence
This physical evidence variable emphasizes the supporting tools of production activity. It is important to have a supporting tool in your business. This is because the tools give convenience in the production process of your product. The packaging of your product is included in this variable. You can make 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.
Also read: Marketing Plan is: An Important Role in Your Business
Conclusion
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. To make you focus on choosing the right marketing strategy, HashMicro as a leading ERP Software vendor in Singapore provides the best Marketing Automation Software that is supported by top features. Click here to get the best offers and free demos!
