Companies use a unique combination of all these elements in an attempt to achieve the highest levels of customer satisfaction.
In this article, we will discuss all 7 elements in detail and explain how companies can make constant variations in their product mix to maximize their goals.

Product

What distinguishes your product or service from other products? While there are standard components of quality and service to establish performance, the product or service must be somehow unique, somehow better than its competitor. This “unique selling proposition” is vitally important to business success. Customer satisfaction with your product or service is of paramount importance. While it is important to offer high quality or a cheaper price, better availability or faster turnaround, it is also essential to ensure that your product or service has something that is unique and sets it apart from competitors in the marketplace.

Price

Consider whether the target market considers the price of your product or service to be affordable. If the target market is unwilling or unable to buy, there is no chance to build your business successfully. If the price of your products is higher than that of the competition, it is imperative to convince the market of the value of the price premium.

Placement

To capture the market, make your products and services accessible and easy to buy. If the customer can’t find you, they can’t buy from you. If you offer online sales, carefully consider the process that customers must go through to buy online. A difficult buying process is a barrier to sales. Know where your target audience lives and the stores to put your product in the foreground where they can see and learn about it.

Promotion

Promoting your product through the right channels to ensure maximum exposure is essential to the marketing process. A promotion on radio or television is expensive compared to other channels; it will reach people who may have no interest or may not be qualified to buy your products. Costly media outreach can waste valuable marketing dollars with little return. If the channel is online, use the Internet – and search engine optimization – to your advantage. Find out which keyword search terms will attract the most traffic. Take advantage of the content and position of websites that present your product in the best possible way. If the promotion is direct mail, carefully consider a targeted mailing list. Direct mail can be more targeted and waste fewer resources, resulting in a more demanding approach to your target market.

Physical Evidence

Think of all the aspects of your organization that your potential customers find. From cleaning the sales floor and sinks in a brick and mortar location to ease of navigating the website, the visit should be a pleasant and hassle-free experience for the customer. An educated, courteous and well-trained staff should be a priority in conveying a quality product image to the people who help sell and resell it. Primary and secondary packaging can elevate a useful and simple product and make it more desirable. Everything that the customer comes into contact with the customer is subject to physical evidence.

Process

A lead generation process occurs from the moment your marketing is seen or heard by the customer until the customer takes advantage of your call to action. The sales process begins with that call to action until the product or service is successfully delivered and paid for. Is the process well proven and reliable? Is the experience the same from the customer’s point of view every time you interact with your company? How efficient is the sales process? If the process can be delivered from lead to sales in the optimal amount of time, conserving resources and expenses, it can be replicated again and again to build more sales revenue.

People

From the people who answer the phone, greet the customer, manage problems, process payments, track sales and manage the team to the president of the company, all actions contribute to an image of quality and service. It’s common to hear companies say we have great customer service in today’s world, but the way they deliver great service is what’s important to the customer.

How companies use the marketing mix

The marketing mix undergoes many variations throughout the life cycle of a product.

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