Well. We did it. The final blog post for Marketing Analytics. I can already feel some stress being lifted from my shoulders. Congrats everyone! This week I will be looking at the Marketing Mix from chapter 14.
The Marketing Mix is the foundation of marketing. It is a combination of factors that can be controlled by a company to influence consumers to purchase its products. Traditionally, the Marketing Mix is looking at the four Ps of marketing: Product, Place, Price, and Promotion. The Marketing Mix was created by an expert in marketing named E. Jerome McCarthy created the Marketing 4Ps in the 1960s.
A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods.
A place is where your customer can get their service. This could be a traditional brick and mortar shop as well as digital (online shopping).
The price is pretty straight forward – what will a customer pay to enjoy this? The price may change depending on the time of year, sales promotions, etc.
Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various elements like:
- Sales Organization
- Public Relations
- Sales Promotion
All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.
Traditionally, the Marketing Mix is made up of these four P’s – but in modern times there has been an increase on what the Marketing Mix can contain. The Economic Times states that the modern day Marketing Mix can include several other Ps like Packaging, Positioning, People and even Politics.
Nevertheless, The Marketing Mix is extremely useful for a successful business. It is the core of good marketing and if done correctly will help influence customers to buy from a company.