Marketing decision making can be divided in to four strategies: product, pricing, place (or distribution), and promotion strategies. A firm's marketing mix blends the four strategies to fit the needs and preferences of a specific target market. Marketing success depends, not on the four individual strategies, but on their unique combination.
All the variables in the Marketing Mix are all the variables that can be controlled. They can all be controlled to achieve all the objectives of the company and earn as much money as possible to the company to make profit and increase all stars stock price.
What isthe marketing mix?
The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's.
The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar!
It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artist's palette. The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. Every hand painted picture is original in some way, as is every marketing mix.
Some commentators will increase the marketing mix to the Five P's, to include people. Others will increase the mix to Seven P's, to include physical evidence(such as uniforms, facilities, or livery) and process (i.e. the whole customer experience e.g. a visit the Disney World). The term was coined by Neil H. Borden in his article The Concept of the Marketing Mix in 1965.
Product:
Product strategy involves more than just designing a good or service with needed attributes. It also includes decisions about package design, brand name, trademarks, warranties, product image, new-product development, and customer service. Think, for instance, about your favorite soft drink. Do you like it for its taste alone, or do other attributes, such as clever ads, attractive packaging, and overall image, also contribute to your brand preference?
Price:
One of the most difficult areas of marketing decision making, pricing strategy, deals with the methods of setting profitable and justifiable prices. Such actions are closely regulated and subject to considerable public scrutiny. Research shows that consumers' perceptions of product quality relate closely to price: A high price correlates to high perceived quality. Most marketers believe that this perceived price quality relationship spans a relatively wide range of prices, although extreme prices may contribute to an overly expensive or cheap image.
Place:
Place (or distribution) strategy ensures that customers receive their purchases in the proper quantities at the right times and locations.
Promotion:
Promotional strategy, the final marketing mix element, involves informing, persuading, and influencing consumer purchase decisions.
Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising, public relations, word of mouth and point of sale. A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from television and cinema commercials, radio and Internet adverts through print media and billboards. One of the most notable means of promotion today is the Promotional Product, as in useful items distributed to targeted audiences with no obligation attached. This category has grown each year for the past decade while most other forms have suffered. It is the only form of advertising that targets all five senses and has the recipient thanking the giver. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations.
Conclusion:
Broadly defined, optimizing the marketing mix is the primary responsibility of marketing. By offering the product with the right combination of the four Ps marketers can improve their results and marketing effectiveness. Making small changes in the marketing mix is typically considered to be a tactical change. Making large changes in any of the four Ps can be considered strategic. For example, a large change in the price, say from $19.00 to $39.00 would be considered a strategic change in the position of the product. However a change of $131 to $130.99 would be considered a tactical change, potentially related to a promotional offer.
The term "Marketing Mix" however, does not imply that the 4P elements represent options. They are not trade-offs but are fundamental marketing issues that always needs to be addressed. They are the fundamental actions that marketing requires whether determined explicitly or by default.
Marketing Mix
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