The marketing mix main elements, models and tools

Knowing the basic elements of the marketing mix is the only way to truly understand what a company’s marketing function is. The marketing mix formula clearly shows that marketing comes from the word market and constitutes a complex that is not limited to promotion.
The components of the marketing mix determine each company’s measures and strategies to solve its task of conquering the market. In this article, we propose to study the marketing mix and the tools and elements that make it up.

What is a marketing mix?

Variables in the external environment force companies to regularly review their marketing strategies. To implement and control this strategy, it is divided into four areas, each with the letter “P”. The four Ps represent the elements of the marketing mix.

sales team

Each element is part of the overall network system. Hence, the term “marketing mix” is also known as marketing mix. It stems from the process of marketing planning, preceded by in-depth research and analysis of market conditions and internal company conditions.
The resulting marketing strategy determines the content of each element in the marketing mix.
By considering all parties and managing all elements of the marketing mix, companies can take a holistic approach to market success. Focusing only on one or part of the marketing mix structure is bound to lead to failure.
A marketing mix, so to speak, is a framework for breaking down a strategy by market share into the main tactical areas in which a company competes.

The most important element of the marketing mix

The concept of marketing mix was first proposed by Harvard Business School professor Neil Boden. Later, for convenience, the acronym 4P, consisting of the capital letters of four English words, was used. In summary, the marketing mix consists of the following components:

product

The company sells it. It can consist of a product, a service, or a combination of services related to a product. Also, in today’s market, a brand or trademark is part of a product. Simply put, a product is anything a consumer is willing and willing to spend money to buy.

price

It’s not just the price of a product. This is a complex mixture of parameters that determine the ultimate value for the customer. This can be volume discounts, high season prices or vice versa, etc.

Place

Location refers to the area, wholesaler, point of sale, type of point of sale, etc. where the product is available to consumers. This is not a simple list of points of sale, it also includes a logistical diagram of how the product gets there.

financial support

Often viewed as a holistic marketing communication. This element combines basic principles such as the choice of advertising tools, the communication channels and the strength of influence on the target audience of consumers.

Marketing mix development and basic model

In all fairness, it must be pointed out that the concept of the 4P marketing mix is the oldest, simplest and therefore the most basic concept used by professionals all over the world.
As competition has evolved and customer relationships have become more complex, other variants have emerged. Next, we recommend that you review the main models of the marketing mix, which are the most common in practice.

Model 7P

For companies active in the service sector, the concept of 4Ps does not provide a complete overview of the marketing measures needed to fully operate in the market. Therefore, another three “P”s are added to the set of known “Ps”:
• Personnel
• program
• Physical test
• Humanity. In the service industry, employees are the bearers of the brand. People determine whether a company can fully meet the needs of its target group. In these companies, employee behavior, communication, etc. are closely related to the brand’s values.
• Processes built into the service help create a positive consumer experience or break advertising promises. Therefore, marketing has to go into the standard system established by the company and make changes if necessary if it does not meet the expectations of the target group.
• A physical representative or room that engages with consumers and sells services. It can create the right atmosphere and mood or, conversely, induce distrust, tension and a desire to leave the room as soon as possible.
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4C mode

This concept is similar to that of 4P with some minor tweaks. It consists of the following elements:

• Cost (cost to consumers). This is somewhat similar to price, but in a broader sense. This element includes all costs associated with purchasing the product, including not only material costs, but also time costs and morale costs.
• Comfortable. It presents a broader view of the 4Ps of location elements, viewing accessibility as a factor for ease of collection.
• communicate. The counterpart of Dr. 4P.
• Customer needs and desires. Describe the product in more detail and focus on the fact that the company’s offer should contain an answer to the customer’s needs.
In addition to variants of the classic marketing mix from the 4Ps, there are also modern marketing mix models. Consider them below:

SIVA model

It consists of the following elements:
• Solution: solve the buyer’s problem and meet his needs
• Information: transmit messages to consumers about proposed solutions
• Value: Buyer’s value considering product cost
• Access: solution availability and consumer convenience
The following marketing mix models exist for modern applications and information products.

4C mode

This concept is similar to that of 4P with some minor tweaks. It consists of the following elements:

• Costs (costs to consumers). This is somewhat similar to price, but in a broader sense. This element includes all costs associated with purchasing the product, including not only material costs, but also time costs and morale costs.
• Comfortable. It presents a broader view of the 4Ps of location elements, viewing accessibility as a factor for ease of collection.
• communicate. The counterpart of Dr. 4P.
• Customer needs and desires. Describe the product in more detail and focus on the fact that the company’s offer should contain an answer to the customer’s needs.
In addition to variants of the classic marketing mix from the 4Ps, there are also modern marketing mix models. Consider them below:

SIVA model

2P model

It contains only two elements: data protection and personalization, which means data protection and a personalized approach to customers.

2C mode

It consists of community and customer service, so community and customer service.

3S mode

It consists of promotion, website and security.