Marketing mix is a combination of several elements to marketing. These elements include what is commonly referred to as “the four P’s” which are product, price, place and promotion. When these elements are combined it is possible to see the target audience. This is considered the result of carefully mixing the other elements. By combining different amounts of the basic elements, a different mixture can be created. This is used by businesses to formulate a marketing strategy for the products or services that they offer.
The “four P’s” are important during all stages of production. From early development to final production, by adhering to a good marketing mix, the product will have a more focused target audience. This can help the product or service to perform better in sales than if no marketing mix strategy is used. A marketing mix is also used to cater the product to the intended audience. If the product is intended to be high profile, then the mix would be adjusted to focus on promotion while compromising on other elements in the mix. If the main focus is the selling price then elements would be adjusted to accommodate the lower price point of the item.
Extended marketing mixes have included three more elements to the existing mix. People, process and physical evidence have been added to create a more in depth marketing mix. People include all people who may consume this product and may be used to create demographic separation. This can mean those who work on the product, oversee operations or end users. This is often used to “see” the people who will use the product and can help a business to understand how the marketing mix must be tailored to reach a particular demographic.
Some businesses may prefer to use only the four basic elements in their marketing mix while others may prefer to add additional elements. The type of business and their end goals determine the type of marketing mix and its complexity that must be used. Adding extra elements can help to narrow down the target audience or to increase other elements such as promotion or price.
To find out more about marketing mix, there are a number of websites and books that can be referenced. These books and websites may be beneficial for those seeking to learn more about marketing mix and how it can help their business to grow.
These websites and books include: