At first, this might sound simple and effortless but there is a lot of work and research involved. Since different communication channels are handled by different departments of your organization, very often your marketing communication mix falls out of sync. This refers to how the product is availed to the end consumer. A key element of placement is distribution of the product. They were the production concept, the sales concept etc.. Following these rules clearly has managed to make the company untouchable by all the other competitors in the market. It doesn’t matter how large or small your organization is, or what kind of products or services you sell, utilizing an effective marketing communication mix can help you increase your revenue. On the other hand, if the product is undervalued by the customers, the price needs to be lower for the product to sell. Please let us know what you think in the comments of the posts. A good placement strategy will help you assess the most appropriate channel to be used for the product. This involves all the marketing techniques and strategies out there. In most cases, if the product is priced according to customer value, it might even sell higher than its obvious value. Required fields are marked *. Other factors that affect the overall price of a product include value chain costs, markups, distribution plans and also competitor pricing. A simple understanding of marketing is basically taking the right product, putting it in the right place, for the right price exactly at the right time frame. This makes Nivea, the giant we know and love today! Using a marketing mix is the best way to guarantee all the four elements mentioned above. Every marketing channel used needs to be suitable for the product, the price of the product as well as the consumer the product is being marketed to. This article will go through a marketing mix example of a popular beauty and skin care company. Depending on how a customer accesses the product, it will also determine the entire marketing strategy. Basically, promotion is the communication part involved in the whole marketing equation. A simple understanding of marketing is basically taking the right product, putting it in the right place, for the right price exactly at the right time frame. Of course, all the above terms might not be easy to understand, if you don’t have a good marketing mix to study. Basically, it’s the perceived value of any product to a customer rather than placing any price on it and expecting it to sell. The pricing of a product will impact greatly how the product sells in the market. Promotional Mix ,.. like direct marketing, advertisement, personal seelling, discounts and promotions etc, how the marketing mix has now shifted from the traditional 7ps, Your email address will not be published. – 212adv, How important is mobile as a marketing tool? Marketing Mix Definition of the 4P's and 7P's. This marketing mix example belongs to Nivea, one of the most renowned companies in the beauty and skin care niche. These include sales promotions, advertising, public relations, special offers etc. A good marketing mix usually follows the important 4p’s which are place, promotion, price and product. | MAA, The Marketing Mix 4P’s and 7P’s Explained. This starts by understanding what sort of problem the product is trying to solve. This is where the concept of Integrated Marketing Communications (IMC) helps you integrate the various channels to deliver a uniform and compelling message about your brand to the target audience. Your email address will not be published. That led to the development of a beauty and skin care product catered to young people. At first, the company targeted older individuals who need to keep their skin looking younger forever. This is the amount the consumer is expected to pay for using the product. It is an important tool that helps you understand the benefits of your product as well as how to plan ahead for the benefits.