Marketing mix – what is it and what does it mean for your strategy?

To understand what the marketing mix is, think of the concept in terms of an interconnected vessel Although it consists of several elements, they are all interrelated and dependent on each other. It perfectly captures the nature of business reality, which requires simultaneous consideration of many, often complex or only seemingly obvious, factors.

Marketing mix is one of the foundations of marketing activities. Check out what the marketing mix is, and you’ll learn how to approach the creation of an effective and coherent strategy.

Marketing mix is the most important aspect of marketing.

Marketing mix – what is the concept?

Marketing mix is a set of tools, activities and approaches that companies use to achieve their marketing goals and reach customers. The classic definition included four basic elements, known in the industry as the marketing mix 4P.

1. Product, i.e., what the company offers to consumers – a great point about researching needs in the market is told by Magda Owsiany of Storm in the Brain, who, before launching a course on making digital collages, verified whether she would find a large enough audience willing to pay for it.
2. Price (price), that is, determining the value of the product – the price does not have to be the lowest on the market, but potential customers should be willing to pay for the service or product. The price should be reflected not only in the product, but also in the communication around it, packaging, promotional materials or the environment in which it is presented.
3. Place (distribution), i.e. how and where the company will deliver the product or service to customers – requires availability at the right place, at the right time and in the right quantity, but also keeping storage costs, inventory and distribution channels at least at break-even.
4. Promotion (promotion), i.e. all activities that lead to conversions – takes into account, among other things, direct sales, content marketing strategy, whisper marketing or social media campaigns to increase brand awareness.

As the market has evolved, three additional elements have appeared in the marketing mix concept, which is why today you are more likely to read about 7P marketing. The new elements of the marketing mix concept in this view include:

1. People, i.e. those involved in customer service – recall how gruff service in a restaurant can negatively affect the perception of the establishment and the meal, even if it is objectively tasty. Why? The entire experience around the product matters, regardless of whether the sale is online or offline.
2. Process, or procedures within the company that are responsible for the product – this is one key element that was definitely missing from the 4P concept. Why? To a large extent, it’s thoughtful processes that help companies deliver all the other elements of the marketing mix. If a procedure is unattended, it can prolong the production or sales process, or increase its cost.
3. Physical evidence (physical evidence or tangible testimony, as some write), that is, aspects that affect the customer experience, such as store design or packaging design, but also intangible elements such as how a website works. When a company understands what the marketing mix is, it works to ensure that tangible evidence supports the customer’s assumptions about the brand. This makes, for example:
   • the form of the shipment must be consistent with the statement of a sustainable approach to business,
   • the website and social media should be consistent with the brand communication,
   • Mails must be adapted to the needs of blind, visually impaired and less digitally competent people, if the company claims to care about accessibility.

Before all, remember that marketing mix is not a collection of separate activities, but an integrated strategy, which means that each of its elements influences the others and vice versa.

What is the marketing mix concept used for?

The marketing mix concept enables effective planning and execution of marketing strategy, which allows companies to achieve their business goals. What does this mean in practice? Arranging the various elements helps:

• understand your customers’ needs more accurately – tailor your product, price, promotion and distribution method to their expectations,
• build competitive advantage more effectively – a unique combination of marketing mix elements creates new value from the customer’s point of view,
• optimize available resources – by focusing on areas that bring the most value or need improvement,
• increase consumer satisfaction – the marketing mix allows you to create a consistent experience at every brand touchpoint,
• make smarter business decisions – marketing mix tools provide a framework for analyzing and modifying activities in response to changes in the market environment.

Summary

There are three things you especially need to remember in the context of the marketing mix. What are they? Although the 4P concept formally emerged in 1960 (formulated by E. Jerome McCarthy) and has evolved many times since then, its original de facto assumptions have not changed. The various elements of the marketing mix essentially say the same thing – every company should:

1. maintain consistency at every stage of its business, e.g., pricing strategy (Price) must be consistent with product positioning (Product) and distribution channels (Place),
2. create products and services not based on your ideas about customers’ needs, but their actual expectations,
3. be flexible and adapt the roadmap to changing trends, competition, or consumer preferences, while creating value that differentiates the service or product from the competition.