What Does “Marketing Mix” Really Mean?
Marketing professionals have probably heard the term “marketing mix” at some point in their careers. But what does the term really mean? As such a foundational aspect of any business, it’s important to know. Before discussing the major points of the marketing mix in detail, here’s a brief overview of what the term means. The term “marketing mix” can generally be defined as a series of categories that can be used as tools to ensure a successful marketing plan.
The marketing mix was originally pioneered by Edmund McCarthy as a way to streamline the marketing decision-making process. He created an outline of the marketing mix that is made up of the four “P”s: product, price, place, and promotion. Clearly defining what these four categories mean to your business will create a very helpful marketing road map.
Here is a closer look at each of the four “P”s of the marketing mix:
The first and most important part of the marketing mix is your product. Whether your product is a physical good or an intangible service, you have to ask yourself several questions about what makes your product unique. What kind of quality do you want your product to have? How will the packaging of the product appeal to your target customers? These are the types of questions that have to be answered earlier on in order to ensure the success of your product.
The price aspect of the marketing mix unsurprisingly deals with how much your target customer will pay for your product. However, this is an extremely complex topic that requires the consideration of many economic factors. The price that a customer ultimately pays for a product is the culmination of dozens of decisions beforehand. The trickiest part of deciding the price of a product is trying to accurately determine how valuable your target customers will think your product is. This is known as value-based pricing, which you can read about more in-depth here.
The “place” aspect of the marketing mix has evolved a great deal over time, as e-commerce has made its way into the daily lives of millions of consumers. The basic concept of this part of the marketing mix is deciding how your product will get to your customer. This covers a wide variety of supply chain and logistics operations. It also includes several different kinds of strategies such as assortment, which deals with the depth and breadth of a product within a store. A more detailed summary of the assortment can be found here.
The final aspect of the marketing mix is probably the most relevant to the name of the topic itself, promotion. Promotion is the traditional marketing and advertising that goes into a product. This is where a business has to ask itself how it wants to position the product in the marketplace. This is the aspect of the marketing mix that perhaps has the most overlap with the other three “P”s. For example, the promotion of a product goes a long way in communicating the value of a product to consumers, which ties into the “price” category.
The world of marketing is constantly changing and evolving, but sometimes it’s important to review the basics that have laid the groundwork for much of modern advertising. The marketing mix is a crucial and historic component of the marketing industry we know today. If you’re interested in partnering with a team that can assist with your marketing campaign, look no further than TriSpark Media. Reach out to our team of talented advertisers and marketers who can work with you to help your business stand out among the rest.