A marketing mix plan translates marketing strategy into action. Traditional marketing thinking based the marketing mix on four P's -- product, price, promotion and place. The mix has grown to seven P's with the addition of people, processes and physical presence. A publication titled "Marketing and the 7 P's" by the Chartered Institute of Marketing describes the seven elements in detail. The elements of the mix are not separate; a good planner recognizes the relationship between the elements and develops an integrated marketing mix that delivers results.
Product
Offer products that match the customer needs identified through research in the earlier planning stages. The marketing mix should include details of the product range and the benefits to different groups of customers. The range might include several versions of a product offering different features or levels of performance.
Price
Set prices to reflect the quality and value of the product as the customer perceives it. A product that has become a commodity is unlikely to command a premium price, so it is important to identify the factors that differentiate a product from competitors. Pricing should take account of competitive offerings as well as making the right level of contribution to profit.
Promotion
Communicate the benefits of the product to the target audience using the most appropriate promotional tools. The promotion plan might include advertising, direct marketing, web, social media, exhibitions or press information. Promotion should raise awareness of the products and encourage the target audience to take action by making a purchase or asking for more information.
Place
Make it convenient for customers to obtain a product by offering a choice of places to buy. That determines the distribution channel for the product. The Internet has made a major change to this part of the marketing mix. Consumers who traditionally bought products from a store can now order online or obtain them digitally in some cases. Intangible products like insurance, loans or health care advice are available from nonspecialist online retailers as well as established providers
People
Offer the highest standards of customer service. People are an integral part of the customer experience, and poor service can have a negative effect on customer perceptions as well as sales. Training is essential where people are key to the marketing process -- in a retail outlet, telesales operation, direct salesforce or customer service team.
Process
Activities like ordering, delivery, refunds and support services are a critical part of the customer-facing process. Like people, processes have an impact on the quality of customer experience. The organization should make it as easy as possible to do business by focusing resources on the customer. Self-help facilities on a website, for example, can improve convenience and free support staff to concentrate on more complex customer service tasks.
Physical
Physical presence is an important part of the marketing mix, particularly for services and intangible products such as events or finance. Physical presence for financial services products might include a bank branch or website. For an event, it might include the venue, tickets and customer facilities. These elements form an integral part of the product and contribute to customer satisfaction.
Tags: might include, customer service, customer experience, integral part, part marketing