The marketing mix represents the tactical or operational part of an organization’s marketing plan. It is also known as the 4Ps and the 7Ps for the services. The 4Ps make up a typical marketing mix and are Price, Place, Product, and Promotion. The 7Ps of services marketing mix includes the addition of Process, People, and Physical evidence to 4Ps.
Adjusting Marketing Mix elements
These 4Ps and 7Ps are the set of controllable tactical parameters that the marketing manager can regulate, subject to the constraints of the marketing environment. The aim is to make decisions in order to create a higher perceived value for their products and generate a positive response.
It can be understood by taking an example of a cake mix. All cakes contain ingredients such as milk, sugar, eggs, flour, and cream. Apparently, you can change the final cake by altering the quantity of any of the mix ingredients. Therefore for a sweet cake just add more sugar.
Similarly, in the marketing mix, the offer that you make to your customer can be altered by varying the marketing mix elements i.e. 4Ps or 7Ps.
Importance of the marketing mix
Each one of the elements of the marketing mix effects each other. Together, they constitute the business plan for an organization and in order to achieve great success, you will have to control them rightly. If the tools of the marketing mix are not controlled well, then the recovery of business from fall can take years.
Understanding 4Ps of Qualcomm
Let us touch base the marketing mix of Qualcomm, Inc. It engages in the design, development, manufacture, and marking of digital telecommunications products and services. Marketing mix decisions for Qualcomm typically fall into the 4Ps.
“Product” refers to tangible, physical products as well as services. Qualcomm powers smartphones and tablets, wearable devices, health care as well as the Internet of everything. Their portfolio includes Wi-Fi Products · Bluetooth Products · RF Products · Snapdragon Processors and other Integrated circuit solutions. They sell Integrated circuit solutions to most of the companies in the world and it is one of their primary source of revenue. Let us understand the Product decisions that have to be taken by Qualcomm management for Snapdragon 845 Processor.
- Brand name – What name should be given Snapdragon 845 or Snapdragon 835?
- Functionality – Decisions like going for speed, better graphics, wireless connectivity, low power, etc
- Styling – Decisions like designing, cross section, and support for other devices connectivity.
- Quality – Decisions such as supporting the Quality Standards and supporting the growing demands of next-generation mobile device experiences.
- Safety – Safety of the devices.
- Packaging – Decision-based on packaging technology.
- Repairs and Support – After Sales services to its customers.
- Accessories and services
In Today’s world, the pricing strategy is principally based on competition, cutting-edge technology and demand. An organization’s goal in terms of price is to reduce costs without trading off with Quality and Brand value. Qualcomm management decides the price in such manner that the perceived value of the benefits of Snapdragon 845 Processor to the target market increase. Let us understand the Price decisions that have to be taken by Qualcomm management for Snapdragon 845
- Pricing strategy – Skimming or Penetration. Either to keep prices high upfront or low.
- Volume discounts and wholesale pricing
- Bundling – For example Samsung Buying Snapdragon 845 and Bluetooth Product together.
- Price discrimination – Different prices for products sold in different regions.
The place generally talks about the product Distribution to the target market. Qualcomm management would be engaged in distribution decisions like:
- Distribution channels – Through distribution companies like Avnet, Arrow or Self.
- Market coverage (inclusive, selective, or exclusive distribution)
- Distribution centers
- Order processing
- Reverse logistics
Promotion represents the various aspects of mar-com, that is, the aim of generating a positive customer response. Snapdragon 845 Marketing communication decisions would include:
- Technical Product marketing & sales force
- Promotional strategy (push, pull, etc.)
- Mobile World Conferences
- Bulk promotions
- Public relations & publicity
- Marketing communications budget.