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Marketing Mix

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  • What Is Marketing Mix
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What Is Marketing Mix

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Definition of Marketing Mix

The marketing mix is an umbrella term for all of the tactics or actions a company can employ to drive sales and increase awareness of its brand.

Specifically, the marketing mix covers the four (or seven) Ps that are instrumental to any brand’s approach to marketing: product, price, place, promotion, people, process and physical evidence. 

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To put it simply, the term provides a framework that can be used to make successful, marketing-based decisions when launching a product or service.

The four (or seven) Ps

When the term was first coined, the marketing mix included ‘the four Ps’: 

  1. Product: What is the product you are launching? 

  2. Price: What price will the product retail at? 

  3. Place: Where will the product be sold?

  4. Promotion: How will the product be promoted to its audience?

The marketing mix has expanded over time to specifically cater to service-based businesses. This led to the addition of the three extra Ps, representing: 

  1. People: what people are required as part of the service?

  2. Process: what process is used to deliver the service?

  3. Physical evidence: what physical elements are there to the service?

Each of these components provides a toolkit for businesses to determine and assess their marketing output and has been used for decades by brands across the globe. 

The marketing mix in action

Essentially, every “P” in the marketing mix influences the other in a way that, ultimately, encourages a customer to make a purchase. 

For example, with the Apple iPhone, it’s easy to see how the Product leads directly to a premium Price, and how the Price will dictate the Place and Promotion in pursuit of targeting customers who will spend money on a premium smartphone. 

It’s this interplay between the different ingredients of the marketing mix that makes it such a powerful and trusted framework for marketers around the world.

General FAQ

What are the marketing mix variables?
The marketing mix variables are elements that businesses can take control of to make sure their product or service satisfies and is noticed by, the customer base. You’ll more likely hear these variables referred to as the ‘Four Ps’...
What are the four ps of the marketing mix?
In the marketing mix, the four ps are: product, place, promotions, and price. The product applies to the item or service that solves the target customer’s problem, once those needs have been identified. Place covers the placement of the product or service — where and when will it be available? Promotions encompass all key elements of advertising goods or services, such as event marketing, PR, online marketing, and more. Price refers to the actual selling price, potential discounts, list prices, distributor pricing, and the cost of future upgrades.
What is marketing mix modeling?
Companies use marketing mix modeling to quantify the impact of marketing on the sales of a product, to identify the commercial value of each marketing input in relation to overall sales figures. This helps them understand how much should be spent on every input, and which are likely to bring a higher ROI.

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