Marketing Mix – Chapter 14

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. 

Product

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.

Place

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).

Price

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

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
  • Advertising
  • 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.

-Economic Times

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.

Advertisements
Marketing Mix – Chapter 14

One thought on “Marketing Mix – Chapter 14

  1. muhkenzee13 says:

    The marketing mix will forever be engraved in my brain. lol. I am very curious if the marketing mix will ever become more than the “4 P’s.”

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s