What are the various components of a marketing strategy?
It is the primary marketing tool, act as pillars of modern marketing strategies. The company uses a marketing mix as a tool to promote its product or brand as a whole in the market at the same time differentiating its product from competitors in the market. These elements include 4Ps which are as follows:
- Product: It refers to the actual or tangible commodities being sold in the market place which satisfies consumers need and wants. Example design, name, packaging, labeling, size.
- Place: It refers to the place where the product being sold or a point of sale. The location should be good enough that catches the eyeball of customers or attracts them to purchase the products at the same time being surrounded by a well-developed infrastructure. Example location, transportation
- Price: It includes the actual price of the product after manufacturing, transporting, marketing, and taking out the margin on the product by the company. Example list price, discount allowances.
- Promotion: It includes all the activities taken by the company to make the product knowledge to the customers and to make people aware of the new arrival of the product in the market. It’s one of the crucial elements of the marketing mix as it directly impacts the sales of any company in the long run. Example advertising, salesforce, public relation, direct marketing.
In modern marketing mix 3Ps are included for Service which are:
People: The people involved in carrying out day to day activities of the business or basically employees of the companies.
Process: These are structured series of actions taken to deliver the product at the right time and at the right place to ultimate customers in the market.
Physical evidence: It is the combination of environment and branding as a whole where service is given to the customer by the service representatives. An example can be a corporate website, Match tickets, Social media account.
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