Lets explore ten quick facts about the popular marketing model "The Marketing Mix"
The diagram below shows the top ten marketing mix facts that we cover in this article
1. What Is The Marketing Mix?
The marketing mix are the 4Ps and cover Product , Price, Place and Promotion strategies.
2. Why Are The 4Ps grouped together in the marketing mix?
The 4Ps of the Marketing Mix are the things needed to create and maintain a successful marketing strategy
3. Marketing Mix History
Although the first mention of something similar to "The Marketing Mix" was proposed by Professor James Culliton in the 1940s, the marketing mix in its current form can be traced back to E.Jerome McCarthy in the 1960s.
4. What Is Product About?
The Product side of the marketing includes product design, product features, branding, and target market. Product is important because it is the thing that you are selling
5. What is Price About?
The Price side of the marketing mix advises you to select a pricing strategy based on your objectives and the image you want to create for the product. Examples of pricing strategies include, penetration pricing, skimming pricing and psychological pricing.
6. What is Promotion About?
Promotion is about communicating your product to the target market. Promotional mix activities include advertising, sales promotion, public relations, personal selling, sponsorship, and direct mail.
7. What is Place About?
Place refers to how your target audience will buy the product; how will you get your product to your customers? Will you choose an intensive, selective or exclusive distribution strategy?
8. Who Is The Marketing Mix Aimed At (Target Audience)?
9. What Are The Two Additional Marketing Mix Elements?
Recently the marketing mix has adopted three additional elements; People, Process and Physical Evidence. Although these additional elements were part of the service marketing mix, they have now been adopted by businesses focusing on the sale of products as well.