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Seven Marketing Mix Components
Dave Carlson - February 20, 2013
There are multitudes of strategies to successfully market different products and services. Each successful company must develop strategies to create a unique and effective marketing mix for their products or services. The seven components of a marketing mix are: product, price, place, promotion, people, physical evidence, and process. Just as an artist is not required to use all colors available on her paint palette, neither is a marketer required to use all components to develop a marketing mix. A successful marketing picture mixes the optimal components to develop the most appropriate marketing mix for the situation.
| Product |
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Products have different life cycles. Strategies are different for each cycle:
Introduction -- Initial promotion with few channels of distribution.
Growth -- Competitors enter the market and market shares stabilize.
Maturity -- Products must be differentiated from the competition.
Decline -- Downturn in the market. Products eventually withdrawn.
(http://www.marketingteacher.com/Lessons/lesson_plc.htm)
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| Price |
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There are many ways to price a product. Some examples are:
Premium Pricing -- product or service is unique.
Penetration Pricing -- Low price to gain market share.
Economy Pricing -- No-frills low price. Costs are kept low.
Price Skimming -- High price because of substantial competitive advantage.
(http://www.marketingteacher.com/Lessons/lesson_pricing.htm)
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| Place |
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This is the channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer or service provider to the user or consumer.
(http://www.marketingteacher.com/Lessons/lesson_place.htm)
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| Promotion |
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Promotion includes all of the communication tools available to the marketer, including: personal selling, sales promotion, public relations, direct mail, trade fairs and exhibitions, advertising, and sponsorship.
(http://www.marketingteacher.com/Lessons/lesson_promotion.htm)
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| People |
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People are the most important element of any service or experience. People interfacing with consumers must be trained, engage in personal selling, and provide effective customer service.
(http://www.marketingteacher.com/Lessons/lesson_people.htm)
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| Physical Evidence |
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Physical evidence includes items related to brand recognition. Some of the elements are: packaging, Website, brochures, signage, uniforms, business cards, and the Company’s building itself.
(http://www.marketingteacher.com/Lessons/lesson_physical_evidence.htm)
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| Process |
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Marketing has a number of processes that integrate to create an overall marketing process. Process is an element of service that sees the customer experiencing a business’s offering. The main purpose is to leave a positive feeling about the experience of dealing with the business.
(http://www.marketingteacher.com/Lessons/lesson_process.htm)
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