Marketing Mix

Marketing - The Marketing Mix

The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.

The marketing mix is often referred to as the "Four P's" - since the most important elements of marketing are concerned with:

Product - the product (or service) that the customer obtains

Price - how much the customer pays for the product

Place - how the product is distributed to the customer

Promotion - how the customer is found and persuaded to buy the product

It is known as a "mix" because each ingredient affects the other and the mix must overall be suitable to the target customer.

For instance:

High quality materials used in a product may mean that a higher selling price can be achieved

An advertising campaign carried in one area of the country requires distribution of the product to be in place in advance of the campaign to ensure there are no disappointed customers

Promotion is needed to emphasis the new features and benefits of a product.

What makes for an effective marketing mix?

An effective marketing mix is one which:

Meets customer needs

Achieves marketing objectives

Is balanced and consistent

Creates a competitive advantage for the business

The marketing mix for each business and industry will vary; it will also vary over time.

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