Marketing instruments are tools used not only in the customer acquisition process. The key word here is "process" - marketing involves a series of activities that can help a company achieve its goals. And these may be different. How do marketing instruments help in getting them? Let's check.
The company's goal may be, among others attracting, attracting and retaining customers, increasing sales and profits and / or enhancing the brand image. Marketing instruments change with marketing which is a living and dynamic field. Proves concept evolution over time. However, the fundamental basis of marketing is still the 4P concept, on which every marketing campaign should be based. I guess every one public relations agency he will agree.
Which marketing instruments to use?
We will advise you on the best solution.
Basic marketing instruments
The concept of marketing mix 4P, which was created over 60 years ago, assumes that marketing consists of four basic elements. They are product (Product), price (Price), promotion (Promotion) and distribution (Place). Therefore, marketing can be defined, in the greatest simplification, as placing the right product in the right place, at the right price and at the right time. At first glance, it seems quite simple. In fact, it takes a lot of hard work to turn this simple definition into success, and therefore properly apply the various marketing instruments. If at least one element is missing, a promising product or service may turn out to be a complete flop and expose the company to significant costs.
Marketing instruments used in the right configuration is a great way to provide customers with the right product, properly priced, in the right place and time. The marketing mix is a key tool to help you understand what a product or service can offer and how to plan a successful product offering. Over the years, the 4P concept has been extended to include additional P. The 4C concept has also been developed, taking into account the consumer's point of view. Still, 4P is a great place to start product planning as well as evaluate your existing offering.
4P among marketing instruments
The first of P when it comes to marketing instruments is product. This term applies to both goods and services offered by the company for sale. A pair of shoes, changing the wheels on the car, shampoo - these are all products. They are all purchased because they meet one or more of our needs. However, we pay not for the tangible product, but for the benefits it gives us. In simple words, a product can be described as a set of benefits that the seller offers the consumer at the right price. When we buy shoes, we are actually buying comfort for our feet. When paying for the wheel replacement service in the car, we pay for safety, because this is what we expect when driving on tires adapted to weather conditions. When you buy a shampoo, you pay for your beauty, because it will probably make your hair look good.
Marketing tools
The second P is price (Price) which is the amount charged for a product or service. This is the second most important element in the marketing mix. Pricing a product is a difficult task. Price positioning it requires taking into account many factors such as product demand, costs related to production and distribution, consumer's ability to pay, competitors' prices, etc. Pricing is a very important area for decision making as these have a large impact on the company's profitability.
Marketing instruments also take into account place/ location (Place), which are the third P in the concept of marketing mix. As goods are manufactured for sale to consumers, they must be made available to them in a place where they can conveniently shop. The coffee is made in Brazil and you buy it from the shop around the corner. The product must be easily accessible to customers. The company has to decide whether it will sell it, for example, through distributors / wholesalers, or perhaps directly to consumers.
Marketing tools
The aforementioned marketing instruments need the fourth element to be successful, which is P like special offer. Imagine that the product is manufactured taking into account the needs of consumers. At the same time, it has the right price and is available at points of sale convenient for customers. Perfectly? Not entirely, because the consumer is not aware of its price, function, availability, etc. Without proper promotion, the company's marketing efforts may fail. Therefore, promotion is an important component of the marketing mix as it relates to the process of informing, persuading and influencing the consumer to make a choice and buy a specific product. The promotion is aimed at sales support, providing potential consumers with information about the availability, features and applications of the product. This is done, among others by public relationswhether by implementing strategies under online marketing.
Marketing instruments in the service market
Selling something that a potential buyer cannot touch, see, feel or hear makes marketing your services a unique challenge. Regardless of whether the company sells services to individual customers or other companies - using then b2b marketing - the marketing instruments mentioned under the 4P concept need to be expanded. Thus, in response to a more complex distribution of services, the 4P concept has been extended to 7P. The added 3 P's look like this:
– people (People) who have become the most important part of the marketing mix. Perhaps even more important than the product itself, according to the principle "you can have the perfect product, but without people who want this product and sell it, you have nothing";
Marketing tools
physical evidence Physical evidence refers to the tangible and intangible elements that make up the environment in which services are provided. Both influence customer feedback on the entire service. For example, a clean and comfortable interior in a restaurant can enhance customers' perception of the dining experience. The intangible aspects of service delivery - such as reputation and the opinion of other customers - are the elements of service marketing that affect how customers perceive them.
– process (Process) refers to all activities that a company takes to facilitate the provision of services. Efficient and effective processes allow the service provider to anticipate customer needs. They help identify and implement appropriate solutions and respond to customer feedback to improve service delivery. Marketing instruments used in this area can increase customer satisfaction, which is important from the point of view customer lifetime value.
What to consider when choosing marketing instruments?
Markets often change faster than marketing. Properly understood, it performs a strategic function and should be the driving force behind the company's strategy. This applies to all products and services. Meanwhile, many companies operate on the basis of deeply entrenched practices, and the marketing instruments used do not always have to bring the expected effect. Product, price, location, and promotion are useful building blocks in creating the right marketing kit that a company can use to strategically dominate a chosen target market. This does not mean, however, that the concept once implemented will always be effective. Each P carries a number of tools to achieve goals, which, after all, change over time. It is precisely what the company's goal is at the moment that determines which marketing instruments will best serve to achieve it.