What Is Marketing Mix?

What Is Marketing Mix?
The definition of marketing mix can best be described as the combination

of elements used to promote products or services. These variable elements
are based upon the analysis of the “four P’s” of marketing: product, price,
place, and promotion. Specific marketing tactics are then formed from the
intersection of these four factors.
Marketing mix is considered an essential marketing theory that all business

people should know in order to be conversant in the field of marketing.
Marketing Mix Work:
Therefore, marketing managers develop product marketing plans based on

their analysis and interpretation of many factors:
 The product’s attributes: Features, benefits, proof points (e.g.

studies, testimonials)
 The target audience: Who will buy this product What problems will
this product solve? What media does this target audience prefer?
Where can we find them online, in print, on the airwaves? What do
they like to do in their free time?
 The price: Is it an inexpensive product? A luxury product?

Something in between?
 Brand: What is the company’s overall brand? What is the brand

promise? How does this product fit into the brand?
Once these questions are answered, marketing managers are able to craft
a marketing mix strategy (and the tactical plan necessary to achieve said
strategy). The marketing mix becomes part of the tactical plan and
describes the elements that will achieve the product’s sales goals.
Common Marketing Mix Tactics
Marketing mix elements can include one or all of the following:
 A website or landing page for the product
 Search engine marketing
 Social media marketing
 Paid search ads
 Paid social media ads
 Product reviews
 Sales and marketing brochures
 Print advertising in magazines, newspapers, and journals
 Packaging to appeal to the target audience
 Billboards
 Sponsorships
 Online videos
 Trade show events
 Radio ads
 Television ads
 Store demonstrations
There’s really no limit to the creativity that marketers use to develop their
marketing mix elements. Similar products often use different mark
The Four Ps of Marketing:
Grasping the concept of the four P’s of marketing is essential since they fit
together with the marketing mix to develop a marketing plan.
It always begins with an analysis of the product, the identification of a

product’s benefits, and matching the target audience’s needs to guide the
rest of the strategy including choosing the appropriate price and where to
promote the product.
1. Product:
Even the best marketing mix strategy can fail if the underlying product
concept is faulty. Building exceptional products is essential to the success
and profitability of any company.
The first step is deeply analyzing a product’s features, benefits, and

advantages over the competition. Competitive analysis can help determine
the differentiating features of their products that can be highlighted in their
marketing materials. Companies may also conduct market research to
discover the elements that customers find most appealing about their
products.
2. Price:
Pricing products is both an art and a science. The price point for any
product must be profitable for the company while covering costs and
adding an adequate profit margin. Beyond that, determining retail price is a
matter of comparing similar products in the market, their price points, what
prices the target market is willing to pay, and how to leverage the
psychological impact of price.
utilize human psychology as part of the marketing mix. Bargain prices
often end in unusual numbers (such as Home Depot, which often end '8')
while luxury prices may end in '0'.
Depending on the target audience and the brand strategy, the final price
point may be a luxury price, bargain price, or something in-between.
3. Place:
Place may happen online or in a store, but knowing where people are likely
to encounter, discover, and learn about products is essential.
Place can occasionally be easy to find. Golf enthusiasts, for instance, will

probably interact with new clubs at golf courses and pro shops. It might not
be as easy to determine where consumers might interact with a new flavor
of ice cream. Unlike golfers, the list could extend from supermarkets to
convenience stores, restaurants, food trucks, and special events.
Knowing where people interact with the product (or are likely to encounter
the product) leads directly into the last of the four P’s: promotion.
4. Promotion:
Promotion refers to the activities chosen to advertise the product – and how
to distinguish and differentiate it in the marketplace. People often equate
promotion with marketing, but without product, price, and place, it’s difficult
to find the right promotional mix without wasting time and money.
Example of Marketing Mix:

Jane is a marketing manager for Simple Smartphone, a new smartphone
developed for older people. Market research has revealed that people 60
and over find the newer generation of smartphones difficult to use. Jane’s
company took that information and developed a new product to compete in
the smartphone market against Apple, Samsung Galaxy, and similar
phones.
The four P’s quadrant for the new Simple Smartphone might look like this:

What Is Marketing Mix?

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What Is Marketing Mix?

The definition of marketing mix can best be described as the combination

Marketing mix is considered an essential marketing theory that all business

Marketing Mix Work:

Therefore, marketing managers develop product marketing plans based on

 The product’s attributes: Features, benefits, proof points (e.g.

 The price: Is it an inexpensive product? A luxury product?

 Brand: What is the company’s overall brand? What is the brand

 A website or landing page for the product

 Search engine marketing

 Social media marketing

 Paid search ads

 Paid social media ads

 Sales and marketing brochures

 Print advertising in magazines, newspapers, and journals

 Packaging to appeal to the target audience

 Trade show events

It always begins with an analysis of the product, the identification of a

The first step is deeply analyzing a product’s features, benefits, and

Place can occasionally be easy to find. Golf enthusiasts, for instance, will

Example of Marketing Mix:

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