What Is Marketing Mix?

Marketing
1. What is Marketing Mix?

Marketing: Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in ways
that benefit the organization and its stake holders.
It is the process of planning and executing the conception, pricing, promotion, and distribution of
ideas, goods and services to create exchanges that satisfy individual and organizational goals.
In simple way putting the right product in the right place, at the right price, at the right time.
Marketing Mix: The marketing mix refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market.
The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays,
the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even
Politics as vital mix elements.
Understanding the Tool
The marketing mix and the 4 Ps of marketing are often used as synonyms for each other. In fact,
they are not necessarily the same thing.
"Marketing mix" is a general phrase used to describe the different kinds of choices organizations
have to make in the whole process of bringing a product or service to market. The 4Ps is one way
probably the best-known way of defining the marketing mix, and was first expressed in 1960 by E J
McCarthy.
The 4Ps are:
1) Product (or Service).
2) Place.
3) Price.
4) Promotion.
A good way to understand the 4Ps is by the questions that you need to ask to define your marketing
mix. Here are some questions that will help you understand and define each of the four elements:
1. Product/Service
What does the customer want from the product/service? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features you've missed out?
Are you including costly features that the customer won't actually use?
How and where will the customer use it?
What does it look like? How will customers experience it?
What size(s), color(s), and so on, should it be?
What is it to be called?
How is it branded?
How is it differentiated versus your competitors?
What is the most it can cost to provide, and still be sold sufficiently profitably? (See also
Price, below).

2. Place
Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or
online? Or direct, via a catalogue?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or
send samples to catalogue companies?
What do you competitors do, and how can you learn from that and/or differentiate?

3. Price
What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or
will a small increase be indiscernible, and so gain you extra profit margin?
What discounts should be offered to trade customers, or to other specific segments of your
market?
How will your price compare with your competitors?

4. Promotion
Where and when can you get across your marketing messages to your target market?
Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards?
By using direct marketing mailshot? Through PR? On the Internet?
When is the best time to promote? Is there seasonality in the market? Are there any wider
environmental issues that suggest or dictate the timing of your market launch, or the timing
of subsequent promotions?
How do your competitors do their promotions? And how does that influence your choice of
promotional activity?
The 4Ps model is just one of many marketing mix lists that have been developed over the years. And,
whilst the questions we have listed above are key, they are just a subset of the detailed probing that
may be required to optimize your marketing mix.
Amongst the other marketing mix models have been developed over the years is Boom and Bitner's
7Ps, sometimes called the extended marketing mix, which include the first 4 Ps, plus people,
processes and physical layout decisions.
Another marketing mix approach is Lauterborn's 4Cs, which presents the elements of the marketing
mix from the buyer's, rather than the seller's, perspective. It is made up of Customer needs and
wants (the equivalent of product), Cost (price), Convenience (place) and Communication
(promotion). In this article, we focus on the 4Ps model as it is the well-recognized, and contains the
core elements of a good marketing mix.

2. Differentiate between Sales & Marketing.
SELLING MARKETING
Needs of the Seller Needs of the buyer
Focuses on product sales for revenue Focuses on customer needs
Company manufactures and then sells it Determines customer needs and then delivers
the product.
Views business as goods producing and selling process Views business as consumer satisfying process
Planning is short term oriented Planning is long term oriented.
Selling customer is the last link Marketing views customer as the very beginning
link
Sales is 1:1. Marketing is 1: many.
Sales is relationship driven. Marketing is data driven.
Salespeople dont develop products. Marketers do.
Sales is very track-able. Marketing is not.
Sales is about sales. Marketing is about more than sales.

What Is Marketing Mix?

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1. What is Marketing Mix?

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