Marketing mix
When talking about a marketing mix, usually the talk is around the means of competition in marketing and those means are categorized according to 4P:
- Product – a product or service
- Price – the price
- Place – The point of sale or availability
- Promotion
In this 4P model, the goal of the marketer is to get the most out of his marketing mix and thus get the best possible marketing results.
However, the 4P model has also been developed into an expanded 7P model with three new points added:
- People
- Processes
- Physical evidence
From many points of view, this marketing mix and its way of dealing with competitive marketing is a bit outdated as it is. But the underlying idea still holds.
Competitive advantage through marketing mix
Trustmary or any other company does not rely on just one part of marketing mix to compete, but each company creates its own unique marketing mix to compete in the market.
For example, consumer electronic stores marketing mix could develop around all of the things in marketing mix:
- A comprehensive selection
- Competitive prices
- Great store locations (Online & Physically)
- Effective marketing communications
- Culture at work
- Efficient processes in logistics, for example
- Pictures and videos of the products being sold
Sure, certain means of competition are more central to consumer electronic stores marketing mix, but all of them will surely affect the whole. This raises the challenges of the marketing mix. As a theory, it’s difficult to argue with the marketing mix, because the theory has been “zoomed out” so much that it’s always true, but says almost nothing.
From a marketing mix to a subjective and objective competitive advantage
Personally, I find the easiest way to perceive competitive advantages, through subjective and objective competitive advantages, instead of marketing mix.
Subjective competitive advantages are the feelings your company, product, service or brand evokes. So things that are not really based on hard facts, but are true. An example of this is the elegance of a particular product or the feeling that comes with using it.
Objective competitive advantages, on the other hand, are factual advantages, such as the fact that one computer is quicker than another. Or one product has more features than another.
In practice, objective competitive advantages are created through product development and subjective competitive advantages are created through marketing.
Back to the marketing mix
Regardless of whether you are a big fan of the marketing mix or not, the key is what kind of framework you can use to get the best results. What kind of structuring will help you outline your marketing mix.
Similarly, you can structure your marketing mix by channel, for example, if it helps you succeed in marketing:
- TV Advertising
- Print advertising
- Search Advertising
- Display advertising
- Social media advertising
- Conversion rate Optimization
A well-structured and internalized marketing mix brings clarity to your marketing and thus makes it easier to focus on right things.
To summarize the marketing mix
Focus on finding the focus of your marketing and the competitive advantages your company has. There are many different ways to structure your marketing mix to find competitive advantages, but remember not to focus on the finger pointing at the moon, but the moon itself. So dont focus on the mix, but the results.