Learn the marketing mix definition and why such strategies as price, product, promotion and place are important for business success.
The Marketing Mix Definition
Marketing mix is a marketing term, rather a business tool used by marketers when setting up marketing strategies. This is quite an important business tool since it determines the brand and product offering. In addition it is often associated with the 4p’s: price, product (presentation), promotion and place. Usually, these 4 elements are adjusted until the right/convenient combination is arrived at; a combination that serves the needs and wants of the product’s customers, at the same time generating sufficient/sensible income. However, in service marketing, the 4 P’s are expanded to 7 P’s. The three extra P’s mainly focuses on addressing different nature of services.
This concept was first reconstructed by Neil Borden. He however started teaching it in the year 1948 when his associate, James Culliton, described the position of marketing manager as a “mixer of ingredients”. This literally means, “one who follows the recipes prepared by others, but sometimes prepares his own recipe from immediate ingredients”.
Why is Marketing Mix Important to Business?
To start with, it is a business tool so crucial in business since it maximizes company’s chances of attaining not only steady, but also continual success in all its operations. In addition, it keeps the company on alert. This it does by ensuring that it remains responsible to its customers by always delivering what they promise to deliver.
Secondly, with this tool, a company is able to strategize precisely who to target. With clear audience in mind, it’s always easy to know how to set the price and what words to use during the campaign.
Once a target has been identified, marketing mix, the promotion part will enable the company in the actual process of developing and distributing messages about its own brand and products.
Finally, and in general, marketing mix strategies allows you (company) to fully understand how to develop and distribute (sell) value to your customers. At the same time it allows you to get optimum earning from your products. However, it is to be noted that, for it to be effective, all the 4 P’s should be well understood and adjusted until the work for both you as a company and your customers.