The term marketing mix is a basic model for companies, which has historically focused on product, price, place and promotion (also known as the 4 P's). The marketing mix has been defined as the set of marketing tools that the company uses to pursue its marketing objectives in the target market. During the marketing of the product, it is important to set a price that reflects current market trends and that is affordable for consumers, but that at the same time is profitable for the company. Bowman suggests implementing seven service marketing principles that include value, business development, reputation, customer service, and service design.
Understanding this evolution is important for marketers and business professionals in general so that they can learn from the past, implement effective strategies in the present, and design viable plans and initiatives for the future. You must understand the very specific demands of your customers and provide them with the relevant solutions only so that they have a good perception of your brand. A formal approach to this customer-centric marketing combination is known as the 4 C's (product, cost, channel, communication) in the Compass model of the 7 C. It provides a framework for business managers to follow and implement effective marketing measures in order to make more informed business decisions.
In the world of marketing and business in general, the marketing mix is a well-known concept among professionals. The original marketing mix, or 4 P's, as originally proposed by marketing specialist and academic Philip Kotler & E. In particular, the inclusion of consumers in the 7 C marketing mix is criticized, since they are an objective of marketing, while the other elements of the marketing mix are tactical. Since then, several different proposals have been presented for a service marketing combination (with several P numbers); in particular, the 8 P's, which comprise the previous 7 P's, extended by “performance”.
The promotion part is one of the most necessary elements of the marketing mix, in which you explain to your customers how your product will solve their problems and how they can benefit them to the maximum. Targeting a specific group of people with a personalized product in a specific niche can be a good idea to position your brand well in a competitive market. The way Apple marketed its product forced people to simplify their lives by carrying a smartphone that could also serve as a GPS, calendar, search engine, flashlight, weather guide and calculator. Marketing is about persuading customers, informing them about your brand or business and keeping them interested until you achieve the desired business objectives.