Know the Benefits and Weaknesses of the Marketing Mix

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Women, Teamwork, Team, Business, People

No matter how good the product or service is made, if you are unable to market it, the product or service will be in vain. Marketing requires a good strategy in order to achieve maximum results. Marketing mix is ​​a collection of marketing variables that are used to achieve marketing objectives in a targeted market. Simply put, the marketing mix is ​​a strategy that combines marketing activities at one time to increase sales of products or services.

This concept was first introduced by Neil Borden, a Harvard marketing professor, in 1964. Then it was refined by Jerome McCarthy by compiling components in 1968. The marketing mix concept has long been used by business owners in various countries in developing marketing strategies effective.

4P and 7P Marketing Mix

Initially this concept only included four elements and was known as the 4P marketing mix concept, namely:

Product, is goods or services sold that have a use value and are needed by consumers. The products offered must pay attention to two elements, namely quality and visual.
Price, is a number of prices that consumers must give to get goods or services sold. The selling price must be in accordance with market prices, not too high and not too low, and according to the quality of the product.
Place, is the place or location of the buying and selling process. Must pay attention to the location of sales in accordance with the target market. Also choose a place that really requires the product being sold.
Promotion, business activities with the aim that consumers can get to know and be interested in business products. Adjust marketing to the target market and pay attention to efficiency and effectiveness. At the beginning of the business, try to use free media to save more money. However, along with changes and developments, the 4P element was modified into the 7P marketing mix concept. Booms and Bitner who introduced this new concept added three new elements, namely:
Physical evidence, both the physical appearance of buildings, logos, interiors, products and so on will affect the mood of consumers so they must be made as attractive as possible.
People, i.e. all HR involved in the business.
Process, the steps taken between the seller and the consumer in the form of services and transaction processes. Good service is the key for consumers to stay afloat. Can also be added to the unique and attractive impression so that consumers are more interested.

Benefits of Marketing Mix

With complex elements, of course the marketing mix provides the benefits needed by a business. Benefits of the marketing mix include:

Simple
This concept simplifies and unifies various marketing activities into one, so that marketing is easier to do and manage.
Wise allocation of resources
Resources are usually limited so they must be used as effectively as possible. With the concept of marketing mix, business owners are able to know all elements of marketing so that the resources used adjust other elements.
Allocation of responsibilities
The marketing mix will make business owners learn to divide marketing tasks accordingly and in balance. Merging marketing variables will result in various jobdesks. Even though business requires a solid and one team, business owners or managers need to allocate responsibilities to each person according to their jobdesks and capabilities.
Facilitating the communication process
This benefit is a continuation of the previous points. If business owners are able to allocate responsibilities for each division with their respective jobdesks, then they can further learn about how to unite communication among all.
Being able to analyze finances
Business owners must know how the flow of costs and revenues according to the situation that occurs. The many marketing elements that must be run, making business owners will be smarter to allocate finance. So that it can finance many needs and still make a profit.

Lack of Marketing Mix Concepts

But behind the various benefits that can be obtained, the marketing mix also has some shortcomings which are summarized in the following points.

More oriented to internal business so that it does not consider consumer behavior
Regarding consumers as passive parties who do not allow interaction

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