airfocus-logoGlossary
About airfocus

Try for free

Product Strategy

Marketing Mix

CONTENTS

What Is Marketing Mix

💬

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. 

eBook

Leveraging
Product Strategy

Read now
CTA eBook image background
airfocus eBook Leveraging Product Strategy for Product and Business Growth

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.

What Is Marketing Mix

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.
airfocus eBook Leveraging Product Strategy for Product and Business Growth
eBook
Leveraging
Product Strategy
Read now

Glossary categories

Agile

Agile

Feedback Management

Feedback Management

Prioritization

Prioritization

Product Management

Product Management

Product Strategy

Product Strategy

Roadmapping

Roadmapping

Create an effective
product strategy

Try for free

Book a demo

airfocus modular platform
Top rated
on major platforms
g2 badge users love us
g2 badge momentum leader
GetApp badge category leader
software advice badge
capterra shortlist badge
proddy badge roadmapping
crozdesk badge
Company
All rights reserved. contact@airfocus.com
ENDE