What is Marketing Mix? Definition of 4Ps & 7Ps with Examples

Marketing mix is a term that has been increasingly discussed lately. If you are a businessperson, you may already be familiar with what is marketing mix referring to.

In short, this marketing strategy is implemented by combining several elements in an integrated manner to achieve business goals.

The term was first introduced by Professor E. Jerome McCarthy in his book titled “Basic Marketing: A Managerial Approach.”

But what is the actual purpose of this marketing strategy, what are the elements included in it, and how can your marketing goals be achieved with this strategy?

cmlabs has summarized the entire discussion in the following article. Therefore, make sure you read it thoroughly!

What is Marketing Mix?

A marketing mix is a set of variables combined in an integrated manner and controlled by a company or business to obtain specific responses from the target market.

This strategy is often used by businesses to promote the products or services they offer. It becomes one of the most effective strategy options as it contains several crucial elements that can influence consumer purchasing decisions.

The Origin of The Strategy

The concept was initially popularized by Professor Neil Borden, a marketing study professor at Harvard University, inspired by the ideas of James Cullington in 1948. At first, Cullington argued that every business executive plays the role of a mixer of ingredients.

Building on this idea, Borden (1964) then compiled a list of 12 elements that needed to be empowered to support business success. 

Shortly afterward, Jerome McCarthy stipulated that 4 out of the 12 components should be prioritized. These four elements then became known as the 4P Marketing Mix.

However, over time, the 4P elements faced criticism, leading to the endorsement of a new model known as the 7P Marketing Mix.

Concept and 4P Marketing Mix Elements

The 4P marketing concept is the most popular model which was first introduced by Jerome McCarthy. 

According to him, four crucial elements in the strategy can significantly influence sales. They are product, promotion, price, and place.

1. Product

A product is something that has value and is needed or desired by the target customers. In this theory, a business's product must be guaranteed in terms of both quality and visual appeal to differentiate it from competitors and enhance sales opportunities.

2. Promotion

Promotion involves efforts to disseminate motivating and influencing information related to products/services. 

Promotional efforts can take the form of direct sales, digital marketing, or various other promotional activities aimed at increasing brand awareness, building brand branding, and driving purchasing actions.

3. Price

This element determines the monetary value of the products or services offered. Pricing should be based on production costs, desired profits, and market factors such as competitor prices and consumer demand. 

4. Place

Place refers to the distribution channels and locations where products or services are sold. This element also includes distribution strategy, product placement locations, and supply chain management.

Concept and Elements of 7P Marketing Mix

Booms and Bitner (1981) argued that the 4P Marketing Mix is a concept that can only be applied by businesses in the product field.

Therefore, three additional elements have been added, tailored for businesses in the service and service sector.

Here are the three additional elements that you need to know.

1. Participants

This element refers to anyone involved in the marketing process of a product or service. Participants include all parties capable of influencing customer experience. 

This element not only covers customers but also individuals or groups that contribute to the success or failure of the marketing process, such as employees, business partners, distributors, or external parties.

2. Process

This element refers to a series of steps or stages that customers go through from the beginning to the end when interacting with a product/service. 

The element covers all stages from production, distribution systems, customer service procedures, and other aspects that impact the customer journey.

3. Physical Evidence

This element highlights tangible physical evidence supporting the quality and sustainability of a business's products or services. 

Physical evidence includes everything that customers can sense or see and supports their belief in the quality and value of products or services.

Marketing Mix Purposes

Essentially, the main purpose of this marketing strategy is to combine various optimal combinations to achieve the most satisfying results. Other objectives include:

• Direct Marketing: Establishing an interactive and measurable direct marketing system.
• Sales Promotion: Maximizing a set of intensive strategies designed to boost sales figures.
• Advertising: Informing the target customers about the value of the products or services.

Why Marketing Mix Is Important for Business?

After learning about the definition and its elements, you might be curious about the significant benefits of this strategy. 

• Creating added value for customers by understanding their needs and desires.
• Increasing sales volume as companies can enhance consumer awareness of their products or services.
• Expanding market share, competitive pricing, and efficient distribution.
• Creating a positive brand perception in the minds of consumers (branding).
• Maximizing resource efficiency.
• Allocating funds more systematically by considering various components.

Marketing Mix Examples

Here is an example of a mixed strategy for one of the subsidiaries of Alphabet Inc, which has now become one of the largest search platforms in the world, Google.

Product: Google offers a range of products and services focused on search engine technology, artificial intelligence, consumer products, computer software, and more.

Price: Google's pricing strategy involves offering many products and services at varying prices. Some of their services come with a premium pricing model. The pricing of Google's physical products typically considers demand and the needs of the target market.

Place: Most of Google's business is conducted online. However, for physical products, consumers can visit Google's physical retail stores, which are currently only available in the UK.

Promotion: Google promotes its products and services through advertising on social media, print media, TV, and many other platforms. Google also sponsors events and partners with other businesses to expand its brand reach.

Process: Google positions its brand to help as many people as possible find the information they need.

People: Anyone with an internet connection.

That was the comprehensive explanation of what is marketing mix, its objectives, benefits, and the elements within it.

You can implement this business strategy to achieve business goals and gain more profits.

As a complementary strategy, your business also needs maximum visibility on search engines to appear when potential customers search for your niche.

You can maximize the visibility and brand awareness of your products/services on search engines by implementing SEO strategies.

SEO Services by cmlabs help you achieve maximum visibility, attract quality organic traffic, and build domain authority on search engines like Google. Let's collaborate now!