The marketing mix is defined by four different but equally essential variables and brought to the literature by Dr. Philip Kotler, who is considered as the father of modern marketing. These variables are never constant and may change over time and cause a difference in all other variables as well.
The famous 4Ps in the marketing mix are the product, price, place, and promotion. Product is an item that is built to satisfy the needs of a group of people and plays a leading role in the marketing mix. Price is basically the adjusted amount that customers pay for a product. The place is where customers can access to the product. Promotion includes PR, advertising, and sales strategies.
In addition to these elements, three more principles were added to the 4Ps of marketing with digital transformation in service marketing, which are people, process, and physical evidence. What is meant with people are the company’s employees. The process is, in general, all kinds of sales and marketing procedures and steps. Finally, physical evidence is the presence of a brand in the perception of the people. These additions transform the 4Ps to 7Ps in the service industries and the digital world.
The marketing mix plays a crucial role in the decision-making strategy of an organization. It is even the first step, when making a marketing or a business plan. This is because the decision on the marketing mix will also affect segmentation, targeting and positioning decisions. Segmentation and targeting will be performed on a product basis whereas the position can be determined according to the price. In the end, these decisions will probably affect the location and promotion decisions. Thus, the marketing mix strategy goes hand in hand with segmentation targeting and positioning.
In today’s digital world, the marketing mix dramatically increased the need for PR. Internet digitizes many critical processes in marketing, like product promotion, sales, brand experience, and marketing strategies. At this point, online PR ensures that all steps in marketing activities are taken in compliance with the new era. Today, adopting innovative approaches such as search engine optimization (SEO), social media marketing, and online press release distribution are the keys to success. Online PR activities allow companies to boost visibility in many valuable channels, attract consumers from all ages, and create the image and reputation that are essential in all processes of the marketing. In order to maximize marketing costs and achieve sustainable success, you can meet with Turkey's first online PR agency B2Press.