The definition of ‘marketing mix’ has been around for decades, but it is only recently that its relevance as an advertising mantra has gained enough popularity to warrant its inclusion in many company accounts. The phrase ‘marketing mix’ has been described by the US Department of Defense as a framework model for companies, historically focused on price, product, location, and promotion. In recent times, the marketing mix has increasingly been applied by business executives as they seek to maximize their profit margins by targeting the right customer segments and at the right time. However, the marketing mix remains a vague term and is not understood by most business executives when they speak of their company’s marketing strategy.
The marketing mix includes four primary elements: a consumer-centric marketing, which seek to appeal to the emotions and tastes of consumers; Distributed and Brand Marketing, which target a cross section of consumers; Personalized marketing, which involve an effort to shape the buying behavior of a specific target audience; and Social media and internet marketing. These four pillars of what is a marketing mix reflect the way in which the business must continually change to remain relevant in an increasingly competitive marketplace. These four aspects of a marketing mix are what is known as the four P’s of what is a marketing mix. The concept of the four P’s came from David Norton, who studied marketing at the Harvard Business School in the early 1990s. His research focused on how various companies used four different approaches to marketing to identify their target markets, and which marketing technique worked best for each.
One of the elements of what is a marketing mix that David explored was how the mix had to evolve in order to remain relevant over time. One of the challenges that companies faced was how to stay relevant as their target markets changed. For instance, as new technologies were developed that allowed consumers to shop more productively than ever before, the traditional retail model was no longer effective. In order to increase sales and improve customer relations, it became necessary for the business to focus its efforts on one another rather than trying to reach a broad range of consumers through a variety of different marketing approaches. David also looked at how changing consumer behavior affected this evolution of what is a marketing mix.
Another element of what is a marketing mix that David explored was the effect that changing distribution channels had on it. One of the most obvious changes in distribution was the move from a primarily local sales channel to a national sales channel with a high price point. While it is common knowledge that the consumer is price sensitive when purchasing products, David found that the impact of this change on a company’s overall profitability depended on which distribution channel the company chose. If the company focused its efforts on improving the quality of its product while increasing the price point, the overall profit impact would be limited. Conversely, if the company chose to focus its efforts on improving the overall distribution system for a particular product and price point, the profit impact would be much greater. David’s research showed that this understanding of distribution effects was important in understanding the why of some of the most successful product lines.
The last element of what is a marketing mix is related to the understanding of what is a pricing strategy. Pricing strategies refer to the ways in which a manufacturer or retailer develops and implements a strategy for the price of their product. Depending on what is being sold, there are many different price point options that marketers have to choose from. David looked into the reasons that these price point options are so important in today’s economy.
What is a Marketing Mix is an excellent guide to understanding the concept of a perfect marketing mix. If a company wants to compete with their competitors, they must know what their competition is doing and how they can better their product and service. The 10 steps that David discusses in his guide can help marketers understand how to make any business more profitable and successful. Understanding what is a marketing mix is important in creating a strong and effective marketing strategy.