Marketing Mix , or " Marketing Mix ," is one of the most important concepts in the field of marketing, playing an indispensable role in building an effective marketing strategy. So what is Marketing Mix and what does it mean for the success of a business? This article will answer all your questions about the concept of Marketing Mix.
What is Marketing Mix?
Marketing Mix is a term used to refer to the strategic elements that a business uses to promote its products or services to customers. These elements must be coordinated to create value for customers and achieve the company's business goals.
Since it was first introduced by Neil Borden, a famous marketing professor at Harvard University, in 1948, the concept of Marketing Mix has undergone many developments and expansions. By 1960, Professor E. Jerome McCarthy at Michigan State University had developed it into the 4P Marketing Mix model , which includes 4 main elements: Product, Price, Place, and Promotion .
However, in the 21st century, when the business environment is increasingly complex and diverse, the 7P model has been supplemented with 3 more elements, including People, Process, and Physical Evidence . This makes the Marketing Mix more comprehensive, suitable for all types of products and services, especially in the service industry.
The Role of Marketing Mix
Marketing Mix is not just a set of marketing tools, it also plays an important role in building a sustainable business strategy. Below are the main roles that Marketing Mix brings:
Understand and meet customer needs
Every business must clearly understand the needs and desires of customers in order to meet them accurately and effectively. Marketing Mix helps businesses survey, research the market and develop products suitable for the target market.
Position your product/service against competitors
Through Marketing Mix, businesses can determine the position of their products in the market. Factors such as price , product quality and distribution channels help build differentiation from competitors, thereby creating a sustainable competitive advantage.
Create competitive advantage
Combining elements in the Marketing Mix flexibly and creatively helps businesses stand out from competitors in the industry. Businesses can create unique products, reasonable pricing strategies and smart promotional campaigns to gain an advantage in the market.
Increase sales and profits
When the elements in the Marketing Mix are implemented effectively, businesses not only attract customers but also increase sales and profits, contributing to the sustainable development of the business.
Marketing Mix Strategies
Depending on the type of product and business goals, Marketing Mix can be implemented with different models. The following are common models in Marketing Mix strategy:
Marketing Mix 4P
This is the most basic and popular model, consisting of four main elements:
- Product – Product : Is the core element, the products or services that the business provides to customers.
- Price – Price : The price of the product must be suitable for the customer's ability to pay and the value that the product brings.
- Place – Distribution : Are the channels that distribute products to customers, helping products easily reach the target market.
- Promotion – Promotion : Promotional strategies to raise customer awareness and drive purchasing behavior.
Marketing Mix 7P
With the strong development of services and digital environment, the 7P model has been supplemented with three new elements to suit modern trends:
- People – People : Includes employees, customers, and partners involved in the marketing and product delivery process.
- Process – Processes in production and service provision, ensuring efficiency and quality.
- Physical evidence – Tangible elements such as stores, packaging, or product images help customers feel and trust more in service quality.
Marketing Mix 4C
This is an evolution of the 4P Marketing Mix, focusing on customers and how businesses can deliver maximum value to them:
- Customer Solutions : Instead of just selling products, businesses need to provide comprehensive solutions to customer needs.
- Customer Cost : Is the total cost that the customer must pay to own the product, including time and effort.
- Convenience : Is the convenience that customers receive when shopping and using products, from product access to support services.
- Communication : Effective communication helps build relationships with customers and creates a strong, clear message.
Notes when implementing Marketing Mix strategies
When implementing Marketing Mix strategies , businesses need to pay attention to the following points:
- Ensure close linkage between elements in the Marketing Mix.
- Monitor and analyze strategy effectiveness for timely adjustment.
- Continuous market research to stay updated on trends and customer needs.
- Choose the most suitable and optimal distribution channel to achieve the highest efficiency.
- Ensure consistency in marketing messages and brand promotions .
Examples of brands that successfully implemented Marketing Mix
Vinamilk
Vinamilk – one of the largest milk brands in Vietnam – is a typical example of successful application of Marketing Mix strategy.
- Product – Products : Vinamilk provides a variety of products from fresh milk, powdered milk to dairy products for children, adults, and the elderly. Vinamilk products are outstanding in quality and nutritional value.
- Price – Price : Vinamilk applies a pricing strategy suitable for different customer groups, from low to high prices.
- Promotion – Promotion : Strong and regular advertising and promotion campaigns help Vinamilk maintain a strong presence in the market.
- Place – Distribution : Vinamilk uses extensive distribution channels, from large supermarkets to small grocery stores, ensuring that products are always available everywhere.
Starbucks
Starbucks is another great example of using the Marketing Mix to success.
- Product – Product : Starbucks offers unique coffees, drinks and foods that suit modern lifestyles.
- Price – Price : Starbucks applies a premium pricing strategy to create a luxurious and classy image.
- Promotion – Strong promotional campaigns, especially through digital media, have helped Starbucks build a strong brand.
- Place – Distribution : Starbucks stores are located in central and accessible locations, from shopping malls to office areas.
Frequently Asked Questions about Marketing Mix
- What is the difference between Marketing Mix 4P and 4C?
The 4P Marketing Mix focuses on the marketing elements that the business controls, while the 4Cs shift focus to delivering value to the customer, from solution to cost .
- What is special about Marketing Mix 4C?
The 4C model focuses on customers and solving the problems they face, thereby creating long-term value for both parties, the business and the customer.
- What impact does Marketing Mix have on brand value?
A proper and effective Marketing Mix can help build a strong, trustworthy, and prominent brand in the market.
- How to optimize elements in Marketing Mix?
Businesses need to thoroughly research the market, understand customer needs and continuously adjust elements in the Marketing Mix to achieve the highest efficiency.
- Can the Marketing Mix change over time?
Yes, the Marketing Mix can change with market developments, changes in customer needs, and the emergence of new competitors.
- Which elements in the Marketing Mix are most important?
All elements in the Marketing Mix are important, however, depending on the product and target market, each element will have a different level of importance.
Brand Manager – Specializing in Providing Comprehensive Marketing Services for Brands
When applying the Marketing Mix , Brand Managers play a key role in developing and coordinating comprehensive marketing strategies for brands. They are responsible for ensuring that elements such as products, prices, distribution channels and promotional campaigns are implemented in a harmonious and effective manner, to enhance brand value and meet customer needs.
A Brand Manager not only manages basic marketing strategies but also provides comprehensive marketing services, including market research, developing communication strategies, and building creative strategies to help brands grow sustainably. With the ability to lead and coordinate elements in the Marketing Mix , a Brand Manager is a key factor in helping brands grow strongly and maintain their position in the market.
