What is the Marketing Mix and How can you use it?

The marketing mix is a tool for considering the different elements that go into promoting
a brand and its products. The marketing mix, now more than ever, is rooted in a
deep understanding of your target audience. The explosion of digital and the rapid rate
at which consumer trends now change has transformed the face of marketing.

7P’s of the Marketing Mix

Product - The 7Ps begins with ‘product’. This could refer to a physical product, a
service or an experience. Basically anything that’s being sold. It’s important that it meets
the demands of the market and satisfies, or exceeds, the expectations of the customer. 

Place - Place’ signifies where you choose to distribute or allow access to your product
or service. The best way to determine the perfect place to sell your product is by
really knowing your audience; their wants, needs and requirements.

Price - How much does your product or service cost? The price you set should reflect
your customer’s perceived value of your product and should correlate with your budget. 
Another key factor to take into account is market competition; what’s the pricing strategy
of your competitors? Is your price too low, high, or is it on-the-mark? Ultimately, the
price of your product will always impact a customer’s perception of your brand and your
place in the market. 

Promotion - Promotion refers to your advertising, marketing, and sales techniques. The

way that you choose to communicate with your audience and promote your offerings will
have a direct impact on the success of your brand.

Physical Evidence - It’s important for consumers to know that the brand they’re
purchasing from or interacting with, are legitimate and, well, actually exist in real life.

People - Those people who are involved in selling a product or service, designing it,
managing teams, representing customers. There’s no use in creating a great brand,
innovative product or amazing social media presence if you don’t have the right people
behind you. It’s integral to the survival of your business that you make sure that all of
your employees, no matter how behind-the-scenes or customer-facing they are, have
fair training and a considerable understanding of their role and the impact that it has
within the company. 

Processes - The ‘Process’ aspect of the marketing mix describes a series of actions
that are taken in delivering the product or service to the customer. Examining the
process means assessing aspects such as the sales funnel, your payment systems,
distribution procedures and managing customer relationships.
Performance - This argued, elusive, eighth ‘P’ accounts for your ability to deliver to
your customers what you’ve promised. Are they satisfied? Are you offering them value? 

What is Marketing?

Marketing is the management process responsible for identifying, anticipating, and

satisfying customer requirements profitably.

Planning a Marketing Strategy

Marketing focuses on the most fundamental requirements of companies to identify

customers, research their needs and preferences, analyse their attitudes to promotion
and other factors that influence their purchasing decisions and persuade them to buy
products and services from you rather than a competitor.

Brand refers to the identity of the company, of a product, of a service, or of an

entrepreneur himself or herself. The challenge for budding entrepreneur is to know how
to craft the brand, how to market the brand and how to make this brand deliver - these
are the entire message of the brand management.

Brand Management is the supervision of the tangible and intangible elements of a

brand. The tangible elements include the product itself, its packaging, its price and its
location. The intangible elements, on the other hand, include the perception and
relationship of customers with the brand.

Branding is the process of integrating the strategies formed from the marketing mix to
give an identity to the product or service. The goals of the branding include the
following: (1) establishing to target customers that the business is reliable and
trustworthy and that the product or service is the superior solution to their
current problem; (2) differentiating with competitors; and (3) driving customer
loyalty and retention.
10 Essential Tips for naming a Brand

1. Don’t bore customers with your name

2. Take context into account
3. Keep your name simple
4. Don’t be obscure when naming your startup
5. Get help when naming your company
6. Check URL availability
7. Look at linguistics
8. Don’t forget research legality
9. Keep your target audience in mind
10. Validate your name with your target audience

Top Tips on Company Name Ideas

 Emotional Approach
 Rhymes
 Alliteration
 Idioms/Quotes/Expressions