What is a Marketing Mix
A Marketing Mix is just a business tool that traditionally takes into account the 4 Ps of Marketing (Price, Product, Place and Promotion) so that you have a product that people want, in a place they can access it, at a price they think is good value and a time they want to buy it.
Those of you who have been paying attention will know by now that my belief is there are 8ps of marketing and rather than go into them here you can read about the 8ps of marketing in your marketing mix here.
In the marketing world – which has changed quite dramatically over the years since it was first coined, the marketing mix is as important today as it was in 1950 when the idea was first conceived (or at least put into a book) by a chap by the name of E Jerome McCarthy.
Naturally there are people who have a different view and say the marketing mix should consider the 4C’s
Customer cost i.e. Customers want to know the total cost of acquiring, using and disposing of a product, not just the price
Customer solutions i.e Customers want to buy value or a solution to their problems, they dont buy products
Convenience, i.e Customers want products and services to be as convenient to purchase as possible, they are not concerned with place
Communication i.e Customers want two-way communication with the company that makes the product, rather than promotion of the product
These ideas can be considered one at a time
Customer cost vs Price? I would argue this very much depends on the product. Consumers buying a car may consider the total cost as it is an ongoing expense they will be incurring, people buying an ice cream probably not so much concern
Customer Solutions vs products, these two ideals seem pretty similar to me appears to be semantics
Convenience vs Place, and Communication vs Promotion, this two are important considerations since the 4P’s were conceived in the 1960s, the internet has made it possible for consumers to research, comment on and buy products or services as never as never before.
Your Product or service may be one that can be bought and used on line without the consumer ever having to leave their home.
You should ensure you are not overpromising what your product or service can deliver as you will soon find the power of social media will ensure your future clients are quickly informed that your product or service is not delivering.
If you need help with your marketing mix, advice on the 4P’s or C’s or how to use 8P’s to help you
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