The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when determining a product or brand's unique selling point (the unique quality that differentiates a product from its competitors), and is often synonymous with the 'four Ps': 'price', 'promotion', 'product', and 'place'.
Today, with the increase in competition and with a wider variety of products and markets, other P’s of marketing mix are proposed by a number of researchers. They are packaging, people, process, etc.
The classic marketing mix consists of the 4Ps: product, place, price and promotion (PR, personal sales, promotion and adverting). And as the consumer's world moves from 30-second spots to total brand immersion, the impact on all elements of the marketing mix is more important than ever before.
In 1948, James Culliton defined the role of the marketing manager as a “mixer of ingredients”. I like that metaphor because it suggests that the right combination and mixture of these ingredients will determine a product’s ultimate success in the marketplace. It also suggests that this balance must be adjusted or re-mixed from time to time based on consumer trends, industry dynamics and many other variables too exhaustive to list
Once you've developed your marketing strategy, there is a "Seven P Formula" you should use to continually evaluate and reevaluate your business activities. These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace.
The customization of the marketing mix is always situation-specific reflecting the demands/needs of customers, the nature of the product, the technological setting, type of firm (i.e., manufacturer, supplier, distributor, retailer, etc.), and other unique local factors
The marketing mix concept is one of the most powerful ever developed for executives. Since just after World War I, it has been the essential organizing theme of many MBA marketing courses. It is now the main organizing concept for countless corporate marketing plans as well as for most marketing textbooks and many courses and executive education programs. It has endured because it is both effective and simple.
Looking beyond logical changes to performance on products and services in terms of innovation, style and pricing, this new crisis-induced variable is key to our business and redefines the breakdown of the marketing mix.
Purchases will now be experienced as a sort of vote, approving company action on these two criteria. Businesses that overlook this fact run the risk of seeing their market share shrink
Usually referring to E. Jerome McCarthy's 4 P classification for developing an effective marketing strategy, which encompasses: product, price, placement (distribution) and promotion. When it's a consumer-centric marketing mix, it has been extended to include three more Ps: people, process and physical evidence, and three Cs: cost, consumer and competitor. Depending on the industry and the target of the marketing plan, marketing managers will take various approaches to each of the four Ps