The Marketing Communications Mix is a blend of business tools used by marketing professionals who often refer to it as the four Ps: product (brand name, styling), place (distribution channels, warehousing), price (retail price, seasonal pricing) and promotion (advertising, sales promotion). The four Ps have been extended to the Seven Ps, physical evidence, processes and people in the service marketing area so they can address more types of services. Below are the key elements of the marketing mix:
The Mix defines how a company positions its products on the market by blending various elements in different quantities. It’s important for a company to resort to the help of third parties that will increase their popularity and help them become a customers’ favorite. For example, a manufacturer or a retailer whose products are being reviewed by a reliable reviews website such as Popular.Reviews has more chances to enjoy unbiased ratings that will make customers trust their products. Once an item becomes one of the top picks of Popular.Reviews, customers will be more confident that the product is a great choice and they will be more likely to purchase it. This is how a good marketing communication strategy works.
Advertising is the most important element of the Marketing Communications Mix because it includes all paid messages a company delivers through various mediums, in order to reach their target audience. Although it can be costly and most of the times managers allocate a significant part of the marketing budget to this function, advertising has many benefits: the message sent is designed by the advertiser so it can communicate with all the consumers simultaneously. Advertising includes two main categories, above-the-line advertising where the advertising agency takes the commission and below-the-line advertising, done for a standard charge.
Personal selling is often part of the direct marketing element, although many businesses consider it a distinctive marketing communication component, because of its extensive use. Personal selling takes place when an individual salesperson sells a service, solution or product, matching the benefits of the offering to the wants and needs of the customer. Companies that sell high-end products require more efforts to convince customers to buy, such as developing a long-term client relationship.
Sales promotions, also known as discounts, serve the same function as advertising, promoting through paid strategies. The difference is that sales promotions involve offering a product with a discounted price or a free product to customers. This key element of the marketing communication aims to increase cash flow and revenue, clear out extra inventory and attract new buyers. The most popular promotions include discounted prices, buy one get one free, free gifts, vouchers, coupons and free samples.
Public relations (PR) is a broad concept because it includes many elements in the process of communication between a company and the public. Although PR is similar to advertising, the most notable difference is that you don’t pay for the message. This means that companies can’t always control the message and the media can present a negative story. PR aims to build and maintain a positive image of the organization, a process known as goodwill.