The term “what is marketing mix” was first developed by Robert Kaplan and David Norton in their book, The Marketing Curve. The definition is actually a very general framework for companies, historically focused around price, product, location, and promotion. The theory is that if a company has an effective marketing mix, they will have a high return on investment. If there are flaws in this basic structure, a company could go under long before they realize any benefits from their efforts.
Definition of Marketing Mix
- Marketing Mix is a term which describes a general approach to business management and application which has helped organizations create their marketing plan, identify customers, reach new markets, and evaluate marketing effectiveness.
- The marketing mix is an overall framework for companies, historically focused on price, product, location, and advertising. In recent years, the marketing mix has evolved to include other elements such as brand equity, customer satisfaction, and organization objectives etc.
Marketing Mix is basically the mix of strategies used to reach your customer. This includes advertising and marketing activities, like direct mail, television advertising, magazine advertising, radio advertising, out of home marketing, and more. It also includes the various ways in which customers are reaching you. For example, through word of mouth, or by door-to-door, or by telephone. The mix can be anywhere from strong advertising, like TV spots, radio and magazine ads, to strong promotion, such as store promotions and retail publicity.
When we think about what is marketing mix, it seems more important in terms of the advertising efforts that a company will use, than it does with customers. For example, if you were looking to target students, who are a large part of your target audience, you would probably not want to spend money on radio spots, or magazine ads, or newspaper advertisements. Instead, you might want to spend more on campus promotions. That is because it is more likely that students will actually walk into your store or call you to learn more about your products.
This theory is important for all companies, large and small. A company that is using this marketing mix, called “push marketing”, will attract a certain type of customer, and keep them happy. If you are in an area where competition is stiff, you will find that you must use this promotional method, in order to become one of the top players. You do not want to become known only to the high-end consumer. You will lose any chance of developing a successful competitive advantage.
So what are some common examples of this marketing mix? One way is direct mail. This is usually the cheapest form of promotion, but it can also be the most effective. Direct mail can provide additional on to consumers, such as a coupon or a discount code. It is also relatively easy to deliver, meaning that a company can reach many people at once, rather than having to send out separate catalogs.
Another common form of promotion is television. Using commercials, or television advertisements during the day, can create a very visible presence, even when the weather is poor. Using this form of promotion has been around for decades, so there are some familiar elements to marketing mix that you can draw from.
However, even with this well-known marketing mix, the formula can still vary depending on your market, your company, and your goals. Every business has its own needs, its own goals, and even its own vocabulary. Understanding these differences will help you when you’re conceptualizing the different elements of your advertising efforts. A good marketing executive always keeps in mind the four Ps of the marketing mix: quality, price, proximity and consistency.
Quality, price and proximity are pretty self explanatory, while consistency refers to your overall marketing mix. For example, if you have a coupon offer, you should offer that same coupon at every opportunity. The coupon may be valid for a specific time period, but the value should remain constant. Once you have a basic understanding of how to utilize the four Ps of the marketing mix, you’ll have the tools necessary to take your company’s reach to new heights and expand your customer base.