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.
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.
When the term was first coined, the marketing mix included ‘the four Ps’:
Product: What is the product you are launching?
Price: What price will the product retail at?
Place: Where will the product be sold?
Promotion: How will the product be promoted to its audience?
The marketing mix has expanded over time to specifically cater for service-based businesses. This led to the addition of the three extra Ps, representing:
People: what people are required as part of the service?
Process: what process is used to deliver the service?
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.
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.