The marketing mix (4 Ps) is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."
_q.jpg)
>>>PUT SHARE BUTTONS HERE<<<
👉 Marketing mix in the context of Positioning (marketing)
In marketing, positioning is the mental perception of a product or brand by customers. Brand and product positioning methods include product differentiation, advertising, market segmentation, and business models such as the marketing mix.
The origins of the concept of positioning concept are unclear. Scholars suggest that it may have emerged from the burgeoning advertising industry in the period following World War I. The concept was popularised by advertising executives Al Ries and Jack Trout and further developed by academics Schaefer and Kuehlwein, who extended the concept to include the meaning carried by a brand. Positioning is now a regular marketing activity and forms part of overarching marketing strategy theory.
In this Dossier
- ⭐ Core Definition: Marketing mix
- 👉 Marketing mix in the context of Positioning (marketing)
- Marketing mix in the context of Distribution (business)
- Marketing mix in the context of Marketing research
- Marketing mix in the context of Pricing
- Marketing mix in the context of Marketing communications
- Marketing mix in the context of Advertising campaign
Marketing mix in the context of Distribution (business)
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion.
Decisions about distribution need to be taken in line with a company's overall strategic vision and mission. Developing a coherent distribution plan is a central component of strategic planning. At the strategic level, as well as deciding whether to distribute directly or via a distribution network, there are three broad approaches to distribution, namely mass, selective and exclusive distribution. The number and type of intermediaries selected largely depends on the strategic approach. The overall distribution channel should add value to the consumer.
Marketing mix in the context of Marketing research
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
This involves employing a data-driven marketing approach to specify the data required to address these issues, then designing the method for collecting information and implementing the data collection process. After analyzing the collected data, these results and findings, including their implications, are forwarded to those empowered to act on them.
Marketing mix in the context of Pricing
Pricing is the process whereby a business sets and displays the price at which it will sell its products and services and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of the product.
Pricing is a fundamental aspect of product management and is one of the four Ps of the marketing mix, the other three aspects being product, promotion, and place. Price is the only revenue generating element among the four Ps, the rest being cost centers. However, the other Ps of marketing will contribute to decreasing price elasticity and so enable price increases to drive greater revenue and profits.
Marketing mix in the context of Marketing communications
Marketing communications (MC, marcom(s), marcomm(s) or just simply communications) refers to the use of different marketing channels and tools in combination. Marketing communication channels focus on how businesses communicate a message to their desired market, or the market in general. It can also include the internal communications of the organization. Marketing communication tools include advertising, personal selling, direct marketing, sponsorship, communication, public relations, social media, customer journey and promotion.
MC are made up of the marketing mix which is made up of the 4 Ps: Price, Promotion, Place and Product, for a business selling goods, and made up of 7 Ps: Price, Promotion, Place, Product, People, Physical evidence and Process, for a service-based business.
Marketing mix in the context of Advertising campaign
An advertising campaign or marketing campaign is a series of advertisement messages that share a single idea and theme which make up an integrated marketing communication (IMC). An IMC is a platform in which a group of people can group their ideas, beliefs, and concepts into one large media base. Advertising campaigns utilize diverse media channels over a particular time frame and target identified audiences.
The campaign theme is the central message that will be received in the promotional activities and is the prime focus of the advertising campaign, as it sets the motif for the series of individual advertisements and other marketing communications that will be used. The campaign themes are usually produced with the objective of being used for a significant period but many of them are temporal due to factors like being not effective or market conditions, competition and marketing mix.