The marketing mix is a strategic tool used by companies to effectively market and sell their products and services. Developed in the late 1940s and popularized in the 1960s, it includes the four original elements, or ‘4 Ps’: Product, Price, Place, and Promotion. Products are the goods or services offered by the company, while price is the amount customers are expected to pay. Place relates to how the product is distributed and accessed by customers, and promotion involves communicating the value of the product to potential customers. The marketing mix has evolved to include three additional components for services: people, process, and physical evidence, known as the extended mix. This strategy is crucial for a company’s success as it helps leverage strengths, mitigate weaknesses, and enhance competitiveness. It also aids in achieving marketing objectives through internal collaboration and alignment. The marketing mix is adaptable and can be optimized for various industries and digital marketing[1] efforts.
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The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."
These four P's are :
- Product: This represents the physical or intangible offering that a company provides to its customers. It includes the design, features, quality, packaging, branding, and any additional services or warranties associated with the product.
- Price: Price refers to the amount of money customers are willing to pay for the product or service. Setting the right price is crucial, as it not only affects the company's profitability but also influences consumer perception and purchasing decisions.
- Place (Distribution): Place involves the strategies and channels used to make the product or service accessible to the target market. It encompasses decisions related to distribution channels, retail locations, online platforms, and logistics.
- Promotion: Promotion encompasses all the activities a company undertakes to communicate the value of its product or service to the target audience. This includes advertising, sales promotions, public relations, social media marketing, and any other methods used to create awareness and generate interest in the offering. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
Marketing theory emerged in the early twenty-first century. The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in 1984. In services marketing, an extended marketing mix is used, typically comprising 7 Ps ( product, price, promotion, place, people, process, physical evidence), made up of the original 4 Ps extended by process, people and physical evidence. Occasionally service marketers will refer to 8 Ps (product, price, place, promotion, people, positioning, packaging, and performance), comprising these 7 Ps plus performance.
In the 1990s, the model of 4 Cs was introduced as a more customer-driven replacement of the 4 Ps. There are two theories based on 4 Cs: Lauterborn[who?]'s 4 Cs (consumer, cost, convenience, and communication), and Shimizu[who?]'s 4 Cs (commodity, cost, channel, and communication).
The correct arrangement of marketing mix by enterprise marketing managers plays an important role in the success of a company's marketing:
- Develop strengths and avoid weaknesses
- Strengthen the competitiveness and adaptability of enterprises
- Ensure the internal departments of the enterprise work closely together
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