Marketing mix refers to the combination of marketing tools that a company uses to achieve its marketing objectives in the target market. It traditionally consists of the four P’s: product, price, place (distribution) and promotion.
In modern marketing practice, three more P’s are often added: People, Process, and Physical Evidence.
The 7 elements of the marketing mix
- Product: the design of the product or service, including quality, design, functions and brand image.
- Price: The determination of price, including discounts, payment terms, and pricing strategies.
- Place (Distribution): The choice of distribution channels to make the product or service available to the customer.
- Promotion: the communication with the target audience, including advertising, sales promotion, public relations and social media marketing.
- People: Interact with customers and employees, including customer service and employee training.
- Processes: The design and implementation of processes to optimize the customer experience.
- Physical evidence: The physical elements that help customers trust the intangible services, such as business premises, website design, or packaging.
Marketing mix and customer segmentation
Customer segmentation plays an important role in shaping the marketing mix. Indeed, by dividing customers into specific segments, the company can tailor the marketing mix to meet the needs and preferences of different customer groups.
In addition to customer segmentation, creating buyer personas and defining the target group are also crucial steps in designing the marketing mix. By understanding the specific characteristics, needs and behaviors of target customers, the company can tailor the marketing mix to resonate and achieve the desired results.
In summary, the marketing mix is a combination of marketing tools that a company uses to achieve its marketing goals. It includes the seven P’s and requires a deep understanding of customer segmentation, buyer persona and target audience. By carefully matching these elements, the company can develop an effective marketing strategy tailored to the specific needs and interests of its customers.