Breakdown and Simplification of Marketing theories — Marketing Mix
You are studying Marketing, and some of the terminologies you find in the books or hear in lectures are just overcomplicated for no reason!
Say no more…
Welcome to our little mini-series where we break down and simplify Marketing theories. So without further ado, let’s dive into the first essential theory of marketing and explore what it is and what it is used for.
The Marketing Mix
Originally, the marketing mix came about in the 1960s and consisted of 4P’s: Product, Place, Price, Promotion. However, the theory has been expanding since then and now it has 7P’s with the addition of people, processes and physical evidence.
Product: is the good or service produced to meet customers’ needs and wants.
Price: allows a business to earn a profit. Reflects the image and the quality of the product.
Factors which may affect the price are:
- Cost of production
- Level of demand
- Competitors’ prices
- Government taxes e.g. VAT
- Legal restrictions on pricing levels
Place: Refers to the place where customers can buy the product e.g. Physical store/e-commerce.
Promotion: Promotion refers to all the efforts made by the seller to inform and persuade consumers to buy their product. Promotion includes Sales Promotion, Direct Selling, Advertising, PR and Sponsorship etc.
Process: describes a series of actions that are taken to deliver the product/service to the customer. These include payment systems, the ordering process, after purchase information provided to the customer, delivery etc.
People: are the employees who are directly involved in your business. E.g. marketing people, copywriters, designers, sales assistants etc.
Physical Evidence: means that the purchase or service took place and the proof of it, for example, receipt, tracking information, invoice, PDF’s etc.
Over to you…
We’d love to hear what marketing theories you think needs to be simplified, or is missing on our list.
Let us know in the comments and we’ll be excited to check it out!
Thank you for your attention. It goes without saying that it means the absolute world to our team. We hope this piece of content helped you in even the slightest bit and if it did, please share with a friend/co-worker/etc. that could also benefit from this.
Written by Maria Golovacheva
