Good Marketing Mix has proper balance of the 4Ps of Marketing Mix when creating effective marketing campaigns.
Or simply, the appropriate 4Ps of Marketing Mix are when the right product is sold at the right price with the right promotion in the right place.
Product is the most important to get it right. Price is the most difficult to set correctly. Promotion is the most necessary in order to sell products. Place is the most demanding to establish.
Even the best Marketing Mixes can be damaged when just one part of the Marketing Mix is not working well with the rest of the three other Ps.
5 tips for creating a great Marketing Mix for your business
Here are a few recommendations how marketing managers can come up with a good Marketing Mix for their marketing activities:
1. Good Marketing Mix is based on previous market research.
This is the time when market research comes in handy. It is because decisions about 4Ps of Marketing Mix should be based on the results of up-to-date market research. This not only helps to assure that the Marketing Mix is appropriate, but more importantly, to avoid risks of launching undesirable products or costly mistakes of setting wrong prices.
2. Good Marketing Mix helps the business to generate profit.
Selling products to generate a profit is the aim of a marketing department. Therefore, deciding on the appropriate Marketing Mix is an important factor in deciding whether a business can sell its products profitably. The profit is made in the long-term by the business which retains satisfied customers.
3. Good Marketing Mix has consistent 4Ps.
Not all of the 4Ps have the same degree of importance in every case the new marketing campaign is launched. However, a theme and consistency should run throughout the planning stage of Marketing Mix. No matter what, all 4Ps of Marketing Mix must suit the target market. As a manager, you may chose to emphasize one of the 4Ps of the product such as high quality of a product for ROLEX wristwatches or BMW cars.
4. Good Marketing Mix has all 4Ps integrated.
Business managers must skillfully connect 4Ps to build an integrated Marketing Mix.
These four elements must fit together in order to build a coherent form. While each of the 4Ps of Marketing Mix has its own individual significance, it is crucial to consider different options available regarding product, price, promotion and place. A good Marketing Mix is a properly integrated Marketing Mix. It is where key marketing decisions work together complementing one another to give customers a consistent experience about the firm’s product.
5. Good Marketing Mix is affordable within the marketing budget.
Factors affecting the choice of Marketing Mix also include costs set in a marketing budget. All marketing activities cost money. The availability of finance may restrict certain methods used. In general, any changes in prices affect profitability and the ability to cover costs. Obviously, the cost of a marketing campaign must be less than additional revenue generated to make it effective.
What happens when Marketing Mix is not good?
When decisions about the Marketing Mix are neither inter-related nor well-integrated, customers will become confused. This is not a good situation.
The lack of clarity negatively impacts human psychology as people, who are very complex beings, are easily influenced before we decide on taking an action to buy a product.
Without 4Ps being carefully coordinated, customers will receive unclear and ambiguous messages about the product they are about to purchase. A range of contrasting information regarding 4Ps of Marketing Mix will create overall confusion.
Let’s take a look at a few examples of poorly integrated Marketing Mix:
- A well-known expensive brand of perfume is sold at a market stall located on a dirty street. / WRONG PLACE
- The messages customers are receiving about a product in TV commercials appear to be confusing and lacking focus. Hence, they are failing to identify the true identity of the product. / WRONG PROMOTION
- The most exclusive jewelry shop in town is selling expensive gifts wrapped in shredded newspaper. / WRONG PACKAGING
- The laptop computer looks expensive, but is priced cheaply making customers uncertain whether they are about to buy the bargain of a lifetime or the product that is actually of very low quality. / WRONG PRICE
- A cheap range of plastic toys for children is advertised in a glossy colorful magazine read by professional business women. / WRONG PROMOTION
- The product such as a sweatshirt looks cheap, but is highly priced making customers feel like they are being ripped off. / WRONG PRICE
All of the above-mentioned examples show that the Marketing Mix is not being appropriate. The reason is that some of the Ps are not well-integrated with the rest of the Marketing Mix. As a result of experiencing conflicting messages, customers will either slow down their purchasing decisions or steer away from buying the product at all.
Therefore, very clear message embedded in all four elements of Marketing Mix must be emphasized in all marketing campaigns.
In summary, the most effective decisions about Marketing will be when 4Ps are integrated, consistent with one another, based on marketing objectives, affordable within the marketing budget and targeted at appropriate consumers.
