Marketing mix: 4P, 7P, 10P, you will know everything

What is the Marketing Mix?

Marketing Mix Definition

The marketing mix, also called the "4P rule" or mix marketing, is an expression used to describe marketing techniques and decisions. Let us explain.

If you're a launching company, it hasn't escaped you that the name of the game is customer acquisition.

The marketing mix helps you use marketing wisely to achieve your business objectives. That is, to commercialize a product or offer that targets the right audience under the best possible conditions.

In short, thanks to the marketing mix, a company can create a desirable brand image that will interest its future customers.

Traditionally, the marketing mix encompasses four major areas a company must consider to achieve its objectives:

• Its product

• Its price

• Its place (in the market)

• Its promotion or communication policy

One, two, three, four: these are indeed the four elements of the 4P marketing rule. As you'll see, we now also talk about the 7P rule and the 10P. Over the years, the marketing mix has expanded with new tactics.

Why Use the Marketing Mix?

The marketing mix is an important tool for a company launching or deeply reflecting on its offers and commercial development.

The main advantage of this method is that it provides a framework for companies, a good roadmap to follow.

Thanks to the reflection engaged on its product, price, place, and promotion, a company will be able to create an effective marketing strategy to achieve its objectives. The marketing mix is ultimately the pillar of any successful marketing strategy.

Marketing Mix: From 4P Through 7P to 10P

The marketing mix via its 4Ps: product, price, distribution, promotion

🎯 Step 1: The first step of a successful marketing strategy, as you've understood, is the product! Take time to examine it and answer these questions:

• What need should the product meet?

• What will be this product's advantages compared to others?

• What are the product's weaknesses?

💡 A product can of course be physical or virtual; it can also be a service. At the end of your reflection, you must arrive at a product that's desirable for prospects.

💰 Step 2: The second important element is price. Pricing policy must be the subject of deep reflection considering:

• Prices offered by competitors

• Production costs, the margin needed to be profitable

• The fair amount the target customer will be willing to pay when purchasing the product

💡 This is also the time to think about payment methods or possible discounts.

📍 Step 3: Location is the third point of vigilance for a company. It involves examining how your customers will be able to buy your product:

• What channel will be used to sell the product?

• What is the sales area?

• What will the delivery conditions be?

💡 By analyzing your target through persona studies, you can more easily understand which distribution channels your prospects will prefer.

📢 Step 4: Promotion is the last element of the marketing mix. It involves developing a coherent promotional strategy to generate interest in the product. For this, ask yourself the right questions:

• What are my target's preferred communication channels?

• What messages should be highlighted?

💡 Make sure to analyze different options so the product is visible to your potential buyers.

The Marketing Mix and Its 7Ps: People, Process, Proof

Marketing is evolving, and naturally, other elements have been added to marketing strategy success. Product, price, place, and promotion aren't the only ones that count.

The marketing mix has therefore evolved from 4P to 7P with:

• Personnel (people)

• Process

• Physical evidence

👥 Step 5: The fifth P refers to company personnel, your employees. Keep in mind that they're your brand's first ambassadors. It's therefore fundamental to nurture your company culture. Appropriate management and customer-oriented service are assets that will make your employees proud to participate in creating your product.

⚙️ Step 6: The notion of process requires questioning how a customer will interact with your company if they want to buy your product or use your service. Ask yourself if it's possible to optimize existing processes (cost reduction, customer service improvement, etc.). The clearer and more efficient the processes, the more satisfied a customer can be.

🔍 Step 7: The last P of the 7P rule concerns physical or material proof—that is, how can you give customers a way to see/test your offer so it finally convinces them? For an online service, you might offer a freemium access system. In a store, for a product, you can provide a tester. Or on an e-shop, it might involve making product reviews visible. It's a way to reassure the customer.

The Marketing Mix and Its 10Ps: Permission Marketing, Partnership, Purple Cow

Since the 2000s, three new Ps have been integrated into the marketing mix to better match companies' new needs:

• Permission marketing

• Partnership

• Purple cow

✋ Step 8: Our eighth P is none other than permission marketing. A concept introduced by marketer Seth Godin, it involves thinking about more respectful communications. For example, if a prospect hasn't consented to receive a brochure or communication information, they shouldn't be approached. This notion of permission marketing is close to the spirit of inbound marketing.

🤝 Step 9: The ninth element of reflection for any company seeking to implement its marketing strategy is the notion of partnership. Widely praised for about a decade, partnership is common currency in many industries. It involves identifying brands that could be interesting and partnering with them. Through "co-branding," you benefit from the partner brand's audience.

🟣 Step 10: The last P to consider is quite surprising, you'll agree. It's the purple cow! The image you should have in mind is that of a purple cow in a field of brown cows. Where will your eyes be drawn? To the purple cow, obviously! This therefore refers to the necessity for a company to question its innovation power, its touch of madness. Indeed, how can you surprise your customers? How do you become remarkable?

Developing an Effective Strategy with the Marketing Mix

Step 1: Conduct Market Research

To launch and develop your strategy by following marketing mix reflections, you must start by conducting market research.

Because it's from the market and prospect needs that ideas will come to create a useful offer that will find its audience.

Market research has two purposes:

• Know your future customers and their needs

• Know your future competitors, the current state of the market and its different segments

The essential thing is to be able to draw a precise picture of the ecosystem already in place (leading players, product diversity, players' sales areas, etc.).

Ultimately, the preliminary study also ensures better positioning as a company. You'll be able to offer a product that's different from what already exists, and your marketing positioning will be all the better.

Step 2: Define Your Pricing Model

Price is a success factor for an effective marketing strategy! As we mentioned, price must be interesting enough to ensure company profitability.

On the other hand, it must also be below the maximum threshold that the offer's target audience can pay for this offer. You must also know other prices practiced in the market to ensure your company doesn't convey the wrong message.

Indeed, setting a high price compared to competitors immediately positions the company as a premium company. But is the product really up to this standard? Conversely, too low a price can send a negative image.

To set your pricing model as fairly as possible, ask yourself these questions:

• What's the average price a customer would be willing to pay for your offer?

• What price would give customers the impression the product is poor quality?

• Above what maximum price would the customer not want to pay for your product or service?

Don't make the mistake of setting your prices based solely on your production costs. A good price takes into account previously conducted market research.

Step 3: Determine the Right Channels and Distribution Policy

To ensure customers find your offer that's now fairly priced, you must now choose distribution channels. For this, you must first choose between physical location, virtual location, or both.

Online, you'll have choices: website, social media—these are excellent platforms for distributing your offer. If you opt for online sales, this will have consequences on your company organization. Indeed, online sales integrate additional challenges (storage, delivery, product shipping policy, return policy, etc.).

To choose, also start from your market research. Distribution channel choice must be made based on prospect habits.

Step 4: Establish a Communication Strategy

Finally, after deciding on price and distribution channels, it's time to organize communication around the product.

The main objective here is to make yourself known to your prospects. Some advice for succeeding in this step:

• Ensure clear communication that reflects your brand positioning

• Set SMART communication objectives

• Choose the right communication channels to reach your target

• Keep the marketing mix reflection in mind, especially the 10th P: how can you surprise your prospects and future customers and appeal to their emotions in your communications?

Concretely, to communicate well, you'll have a choice between different types of tools:

• Traditional marketing tools like advertising in newspapers, radio, public relations, presence at professional events, television advertising, etc.

• Digital marketing tools: here new methods are varied: social media advertising, content marketing strategy development, search engine advertising, influencer marketing, etc.