Marketing Mix
Essay Preview: Marketing Mix
Report this essay
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 Ps” – 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.