Do you have questions or concerns like these?
- What is Marketing mix?
- What is a concrete example of Marketing mix?
If you’re grappling with such questions and uncertainties, this time I will clearly explain:
- Overview
- A concrete example based on my experience
Please refer to this article to deepen your understanding of Marketing mix.
What is Marketing mix?
Marketing mix refers to the combination of strategic elements used to effectively promote and sell a product or service.
This concept was introduced by Edmund Jerome McCarthy in the 1960s and is primarily composed of four main elements known as the “4Ps”: Product, Price, Place, and Promotion.
By appropriately combining these elements, businesses can offer attractive propositions to their target markets and enhance their competitive edge.
Product
Product refers to the tangible item or service that customers purchase.
It includes physical characteristics, quality, design, brand name, packaging, services, warranties, and more.
A successful product strategy needs to meet the needs and desires of customers accurately and differentiate itself in a competitive market.
Price
Price is the amount customers pay for the product or service.
Pricing decisions are made considering the purchasing power of the target market, competitive pricing, the value of the product, and costs.
Pricing strategies also include discounts, coupons, and payment terms.
Proper pricing is crucial for maximizing sales and profits.
Place
Place refers to the channels and methods through which the product reaches customers.
This includes selecting distribution channels, building distribution networks, logistics management, and inventory control.
An effective place strategy aims to deliver the product at the right time and place.
Promotion
Promotion encompasses activities that increase awareness of the product or service and stimulate purchase desire.
Advertising, sales promotion, public relations (PR), personal selling, and direct marketing are part of the promotion strategy.
Effective promotion conveys the product’s appeal to the target market and encourages purchasing behavior.
What is a concrete example of Marketing mix?
Product
The iPhone I use is a high-quality smartphone provided by Apple.
The iPhone stands out from other smartphones in its design, functionality, and user experience.
For instance, the Retina display is incredibly clear, making viewing photos and videos very enjoyable.
Additionally, iOS is intuitive to operate and integrates seamlessly with various applications.
Moreover, Apple’s brand strength and reliability are major attractions.
Price
The pricing of the iPhone is positioned at a premium level, reflecting its value.
The latest models are relatively expensive, but they offer performance and features that justify the price.
When I purchased my iPhone, I considered the cost, but I prioritized reliability and comprehensive support, thinking about long-term use.
Apple also regularly offers promotions and student discounts, which played a role in my decision to purchase.
Place
iPhones can be purchased from Apple’s official online store, Apple Stores, electronics retailers, and carrier shops.
In my case, I bought it from the official online store and had it delivered to my home.
The official online store offers detailed inventory checks and customization options, making the purchasing process very smooth.
Furthermore, buying from the official store ensures robust after-sales support and warranty, providing peace of mind.
Promotion
Apple effectively communicates the appeal of the iPhone through product launch events and advertising campaigns.
When considering the purchase, I referred to product introduction videos available on Apple’s website and YouTube.
These promotional activities clearly highlight the new features and improvements of the iPhone, making it very appealing.
Additionally, word-of-mouth recommendations from friends and family also enhanced my purchasing intent.
Apple’s consistent brand image and messaging have successfully gained consumer trust.
This article uses material from the Wikipedia article “Marketing mix” which is released under the Creative Commons Attribution-Share-Alike License 4.0. Additionally, the texts and images were generated using ChatGPT.