Marketing Mix: The fundamentals of marketing, which enables the likely transaction / communication between the right buyer and seller.
Well known marketing author and professor Philip Kotler, define some of his modern fundamentals of marketing, also popularly known as the 4Ps of marketing.
They are as follows:
- Product: This involves activities that relate to the research, formulation and finalisation of a product which is supposed to meet the requirement or desire of a certain buyer in a certain market.
- Price: This activity revolves around the fundamental of having research, theorize and finalize the price for a certain market. Note that a lot of factors are part from the cost involved in the product goes into such activities.
- Promotion: This fundamental involves the declaration about the product and it’s perceived price to a certain segment of buyer for a certain product.
- Place: This fundamental involves the activity around finalising the right place for a certain product to a consumer or buyer.
Marketing Strategy = Marketing Mix + Finding the right segment of buyer / consumer
A marketing strategy is a marketing plan in action whereby right marketing mix is applied to find the right segment of buyer / consumer. This enables the company or transaction with the right buyer.
Brand: Image / Perception of a product
The perception or the image of a product or a certain category of product within the segment of a consumer is known as a brand. The various activities around creating such a brand in the longer run is known as branding exercise.
Marketing Strategy with the consumer as the focus:
An important aspect of marketing strategy is to identify and communicate with the right segment of consumers. Identification begins by providing the guideline of the marketing the following and related aspects of a consumer.
- Age: Consumers can be defined in phases of their lifecycle where in at every phase the consumer choice & demands either matures or changes.
- Gender: Choices or relations of product / services also differs with the perspective of gender. Certain products or services have the exclusive relationship with a certain gender only.
- Demography: This relates to consumer choices or preferences based in a certain demographic location or a demographic mix. A lot of these factors depend on social behaviour, norms (rules) or cultural believes. In a cosmopolitan environment these factors are lesser but still relevant.
- Seasonality: Consumer choices or preferences also are dependent on seasonal variations such as climate, change of environment or a specific seasonal features.
- Aspiration: Although a less related consumer behaviour, an aspirational sense within a consumer segment enables the consumers to make certain choices of products or services.
- Affordability: Customer segmentation in relation to buying power also influences buying choices or behaviour. Affordability matrix allows a product or a variance in a product segment to be made available to a certain consumer.
- Specific regions, Regulations or Constraints: Some customer choices are influenced by external factors beyond the control of the consumer. The buying behaviour of the consumer than becomes more predictable and easy to relate.
Marketing Mix Execution
With the right target segment of the consumer, the right marketing mix with specific campaign, design for that consumer segment is rolled out. Campaign design will undertake the right price & the right promotion for a specific product at a specific place.
Product description and definition map with the concept helps the campaign with the correct message that has to be conveyed to the consumer.
Example: A promotional launch of a Rs. 10,000/- videogame in a mall with concept of a contest using that game targeted at mall visitors.