Marketing MIX and its three concepts 4P, 7P and 4C
Marketing is currently one of the fastest growing fields of study. It is not surprising as marketing activities help to achieve specific business benefits, increase sales as well as attract and retain the interest of the customers. One of the most important marketing compositions nowadays is MIX marketing, whose three main concepts should be known by every person who wants to optimize his/her marketing activities.
What is marketing MIX? Definition of marketing composition
Marketing is a great example of an industry whose development is influenced by its practitioners – advertising professionals and entrepreneurs themselves. The changing world and technological progress, especially in the sphere of the Internet, has contributed to the need to implement certain changes in marketing activities, which have come into effect even before their theoretical definitions.
The term MIX marketing covers a set of interrelated elements, which jointly translate into phenomena occurring on the market. It includes all the relevant factors that a company can use to shape customer demand for the products and services it offers. Knowing and understanding the composition of marketing MIX allows you to choose a strategy which will enable you to properly control market processes.
Three basic concepts of marketing MIX
Marketing MIX is a marketing composition which includes several concepts. Among the most well-known are the 4P, 7P and 4C formulas. Theoretical models help to plan marketing activities in a better and more effective way, and they provide a kind of a guide to conduct, which allows to organize and systematize the marketing activities carried out.
All concepts express the company’s conduct in the market, which allows it to achieve maximum effects in satisfying and shaping the aspirations of buyers under specific conditions. The choice of a particular formula should be carefully considered and tailored to the external and internal conditions of the company and its business objectives.
4P concept in marketing MIX
The 4Ps concept is the oldest theoretical composition related to marketing. Its assumptions were created by McCarthy. It consists of four elements, which in English begin with the letter “P” – these are price, product, place and promotion. The concept of a product includes what a company offers to customers and the value of its product – its quality, brand, packaging, guarantee, etc. Price, in turn, determines the expense that the consumer must incur to come into possession of the product and the company’s compensation for marketing it. Distribution is the way products are placed in the market. Promotion on the other hand includes all activities aimed at promoting a product – advertising, public relations, personal selling, sales promotion and sponsored activities. These are the basic elements necessary for the development of promotional activities. It is impossible to create effective advertising campaigns without taking them into account.
The 7P concept in marketing MIX
A more extended version of the classic 4Ps concept is the 7Ps formula, which, in addition to the standard elements, includes the following additional components: people, process, and physical evidence. The 7P concept expands on the 4P formula by taking into account the significant importance of human resources, including employees, whose actions contribute to direct product sales and influence the development of the entire company. Process, on the other hand, is a sequence of activities that have an impact on the quality of services provided – its correct form increases the company’s effectiveness and customer satisfaction. Material testimony, on the other hand, encompasses all the factors that influence the image of the company and its perception by customers. These include m. in. logo, website, employees’ dress code, design of the company’s headquarters, etc.
The 4Cs concept in marketing MIX
A completely different perspective on marketing activities is offered by the 4C concept which is a look at marketing activities of an enterprise from the customer’s point of view. It was created in 1990. by Robert Lauterborn, who noted that the classic 4P formula focuses solely on the company’s point of view without taking into account the important perspective of the recipients of its services. The 4Cs comprise the following elements: customer value, cost, convenience and communication. The 4C concept of marketing MIX is based on the benefits that the product will provide to the customer and the targeting of marketing activities to meet their personal needs in all aspects related to sales, which will make the recipient more likely to make a purchase.