Author: Ekta Modi  

COO at Parul Sevashram Hospital, Doctorate (Management Studies), MBA Hospital Administration, MDP IIM- A, AIIMS New Delhi

Introduction:

The marketing mix combines the 4 Ps—products, price, place, and promotions—that organisations use to differentiate themselves from their competitors. There is a strong dependency between the Ps, but we must Mix it to Fix it.

It’s like creating a custom recipe; you need to balance what to add, how much to add when to add, and most importantly, why to add!

Let’s find out more, shall we? 

Showcasing your business using consumer insights ensures you deliver at each stage of the marketing mix. It is a strategy for considering the different elements that go into promoting a brand and its products, offering guidelines for putting the right products in the right place, at the right time, and price. 

1. Product—It is the true USP! The better it meets consumer needs, the more the company can charge.
2. Price – Consider all visible and invisible costs. Budgeting is also an important aspect to consider
3. Place—Organizations need to consider these “places,” which may be physical or online when developing their marketing plans.
4. Promotion—What do you think when you hear “marketing”? It may be an overall campaign of communications used to sell a product, such as advertising, sales promotion, in-person sales, public relations, social media marketing, email marketing, search engine optimisation (SEO), video marketing, and more. Promotion itself is a blend of factors to consider when fixing the marketing mix!
5. People – Organizations depend on those who run them, from the Chairman to Chaprasi, my all-time favourite C2C model. Employing the right people is essential because they shape your brand. They are your Brand Ambassadors. 
6. Processes- Service delivery is a vital consumer touchpoint that forms part of the customer feedback loop, encouraging process innovation.

Takeaway: 

In the present era, consumers are more empowered than ever, with greater expectations for brands to meet their requirements with relevant, easy-to-use content and to provide a product offering that meets their expectations.

The marketing mix breaks down what’s needed to make a business work, but the result isn’t credited only to demonstrating theory templates. It’s attributed to the depth of consumer insights used to develop each stage of Marketing MIX!

Organisations that can deliver what their consumers truly want and showcase how their brand will add value to their lives will see the best results.

Mix Karo… Fix karo…

P.S. I mixed the language 🙂