Marketing Mix Strategy: The Leading Solution In The 4.0 Era

The fundamental lesson in every Marketing course is that marketing could be explained utilizing marketing mix known as the 4Ps. 
A brand that implements a proper marketing mix strategy could significantly improve the images of the brands in the eyes of customers, contributing to gaining the loyalty of customers.
But what is exactly marketing mix? Let’s find out in today’s article.

What Is The Marketing Mix Strategy?

Marketing mix strategy is considered as an effective marketing solution in the 4.0 technology era. This is a marketing strategy set of tools used by businesses to reach the exact market segments and target customers.

The strategy plays an important role in the comprehensive advertising plan of the business. Conceptually, the term Marketing Mix was first introduced by marketing professor and writer E. Jerome McCarthy in 1960 with 4 aspects including: Product , Price, Place, and Promotion in marketing mix.

The different elements of a marketing strategy are closely linked. Marketing strategy is consumer-centric. Depending on the industry and the goals of the marketing strategy, businesses can take flexible approaches to each Ps.

The marketing mix plays an important role in a company's comprehensive advertising plan

The Role of the Marketing Mix

The marketing mix acts as a bridge between customers and businesses. Marketing Mix's marketing campaigns help businesses understand the needs of their customers to come up with products that best meet their needs.

1. For Business

The marketing mix helps businesses adapt more easily to market changes. That is the foundation to help the company survive and develop sustainably.

Besides, the marketing mix also helps businesses clearly define what the market is in need of? What are the customers' expectations with the product and their ability to pay?

Marketing mix strategies also create a connection in the company's product creation process with the market.

Marketing's tasks are (1) finding information from the market, (2) communicating business messages to consumers, and (3) researching and developing new products and promoting the sales process.

A unique and different Marketing strategy with promotions to attract customers, helping to promote product consumption. Thereby increasing sales and helping businesses have more competitive advantages over competitors.

Marketing mix helps businesses understand the needs of customers to launch products with the right focus

2. For Consumers

The marketing mix also brings many benefits to consumers, such as: Helping customers easily find the right product for their needs, purposes, and possible costs.

When implementing a marketing mix strategy, businesses will develop more types of goods. Improve the quality of products and services to find and satisfy the needs of consumers. As a result, customers will have more choices when shopping.

Marketing mix especially helps customers save time and effort when shopping. Online sales and online business models are thriving, bringing convenience to users.

It can be said that the Marketing mix is ​​the bridge that creates the conditions for supply and demand to meet. Marketing activities of businesses help consumers better understand the product.

Market information, demand surveys, and customer reviews help businesses improve product quality and bring more value to consumers.

Marketing mix helps customers easily find the right product for their needs

Key Elements of Marketing Mix Models

As mentioned above, the main elements in the Marketing mix model include: Product; Price, Place, and Promotion.

1. Product

When implementing a marketing mix strategy, businesses need to study the life cycle of the product. Product in marketing mix helps marketers to quickly handle problems that may arise when the product has reached the consumer.

For example, when the product arrives at the user's hand but has a manufacturer defect. For example, when an electronic device has a battery problem, a hardware failure, etc., the manufacturer must develop new technology to overcome that problem. Thereby bringing to consumers a more advanced product in the next version.

Marketing mix helps businesses research and develop new products to meet the increasing needs of target customers.

The role of Marketing Mix is ​​to research and develop new products to meet the needs of consumers

2. Price 

Product cost is a factor that customers consider when buying a product. The price of the goods depends on the perceived value of the customer. This factor can change the marketing strategy of the business.

Lower prices help products reach a more diverse audience. The higher selling price will attract customers looking for really quality and scarce products.

The price in marketing mix must exceed production and marketing costs in order to make a profit. Here are some product pricing elements in the marketing mix.

• Set product pricing higher than competitors to give an impression of quality.
• Set produce pricing lower than competitors to attract customers who like to buy affordable goods.
• Plan to increase when the brand has a position in the market or lower the price when the product is launched.
• Set a higher selling price to attract customers with a deep discount and discount campaign.

3. Place

Place in marketing mix includes distribution, shipping, warehouse, agency, to name a few. Place is a business element emphasizing the places where customers can access and buy products.

When conducting a marketing mix strategy, businesses need to answer a few questions such as:

• Where can customers search for products?
• Do customers need to directly experience and try the product?
• Do businesses want to market directly through an e-commerce website?
• Are customers looking for products on a third-party website?
• Does the business consult directly for customers or hire a third party to solve service problems?

4. Promotion

Advertising is an integral part of any business' marketing campaign. Promotion in marketing mix strategy includes: Advertising, marketing and sales promotion.

Common forms of advertising include:

• Advertising on the Internet includes websites, social networks, e-commerce platforms,...
• Email Marketing
• Trade fair
• The outside advertisement sign
• Advertising on means of transport
• TV, radio, elevator advertising
• Public relations such as press releases, press conferences, PR in the media,...

When advertising, businesses need to clearly define what message they want to convey? Who is the media audience? How to reach customers? How often does the ad play?

All advertising channels need to be linked together to form a marketing mix strategy that provides a seamless experience for customers.

Internet advertising campaign

Popular Marketing Mix Models

Currently, there are 3 marketing mix models that are commonly applied in Vietnam.

1. 4 Ps of Marketing

4 Ps of marketing is the earliest and most widely applied Marketing Mix model in the market. This marketing model includes elements: Price, Product, Place and Promotion as mentioned above.

This model has the role of market research, product development, targeted customer marketing and sales promotion.

 2. 7 Ps of Marketing

7Ps of marketing model includes all elements in the 4P model and adds 3Ps including: People, Packaging and Process.

People are an investment in recruiting quality staff at every level, including employees in all departments, not just in customer service, marketing, and salespersons.

Packaging includes attractive packaging and specifications, suitable for customers' tastes. Impressive design makes a difference, attract, drive purchase demand and add more value to customers.

Finally, businesses need to prioritize processes that give customers the most satisfying experience. The process needs to be specific and seamless to help optimize costs and improve employee performance.

Marketing Mix Model 7P

3. 4C Marketing Mix

The 4Cs of marketing includes elements: Customer Solutions, Customer Cost, Convenience, and Communication. Here are 4 important factors to help businesses analyze:

• Solutions for customers.
• Analyze the cost customers spend to buy the product.
• Customer experience when using the product.
• Tools to interact and communicate with customers.

How FieldCheck Supports Businesses To Implement Marketing Strategies

FieldCheck is a technology solution that optimizes Marketing Mix strategy for businesses. This is a management application on mobile phones that owns many preeminent features such as:

• Manage time attendance check-in/check-out, leave application for market staff on mobile phones.
• Automatic inventory counting.
• Manage store locations and analyze target markets for each region.
• Survey store quality, display products through digital checklist and automatic scoring.
• Survey customers about products and services of the business.
• Support customers immediately when problems arise, or consumers require further advice.
• Improve business-to-customer communication.
• Update information about new products, promotions quickly with Push Notification feature.
• Collect customer information and manage a list of target customers on the system.
• Maximize the potential customer file for your business.

FieldCheck is the technology solution that optimizes the Marketing Mix strategy for businesses

With FieldCheck, your marketing mix strategies will be twice as effective. The intelligent features of the software will effectively support the sales of the business

FieldCheck is a management support software that helps businesses manage in-store activities such as quality audits, visual merchandising, product display, and time attendance.

The application is specially developed to optimize fieldwork and field trips of retail chains. You can easily use the application to manage or support PGs or promoters and store employees in performing their jobs.