Marketing mix, Definition, Objectives, Strategies, Pros and Cons

The Marketing Mix, also known as the “Four Ps” of marketing, is a framework that businesses use to plan and execute their marketing strategies.

Definitions of the Marketing Mix from various Sources:

• According to Philip Kotler, the marketing mix is “The set of controllable variables that the firm can use to influence the buyer’s response.” The four Ps of the marketing mix (product, price, place, and promotion) are the controllable variables that a firm can adjust to meet its marketing objectives.
• The American Marketing Association (AMA) defines the marketing mix as “A set of tactical marketing tools that the firm blends to produce the response it wants in the target market.” The AMA emphasizes that the marketing mix is a tactical tool that businesses use to achieve their marketing objectives.
• According to Neil Borden, the marketing mix is “The ingredients that go into a marketing program.” Borden’s original marketing mix included 12 elements, which he referred to as the “ingredients” of marketing.
• In their book “Principles of Marketing,” authors Philip Kotler and Gary Armstrong define the marketing mix as “The set of marketing tools that the firm uses to pursue its marketing objectives in the target market.” Kotler and Armstrong emphasize that the marketing mix is a tool that businesses use to achieve their marketing objectives in a specific target market.
• The Chartered Institute of Marketing (CIM) defines the marketing mix as “The set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.” The CIM emphasizes that the marketing mix is a set of controllable tools that businesses can adjust to meet their marketing objectives.

It includes Four Key elements that businesses can control to influence consumer behavior and achieve their marketing objectives:

• Product: This refers to the actual goods or services that a business offers to its customers. The product element of the marketing mix includes decisions about product design, features, packaging, branding, and quality.
• Price: This refers to the amount of money that customers are willing to pay for a product or service. The price element of the marketing mix includes decisions about pricing strategy, discounts, payment terms, and payment methods.
• Place: This refers to the channels through which a business distributes its products or services to customers. The place element of the marketing mix includes decisions about distribution channels, logistics, inventory management, and the physical location of stores or facilities.
• Promotion: This refers to the methods that a business uses to communicate with customers and promote its products or services. The promotion element of the marketing mix includes decisions about advertising, sales promotions, public relations, personal selling, and other forms of marketing communication.

By adjusting each of these four elements, businesses can create a marketing mix that is tailored to their specific target market and marketing objectives. For example, a business that is targeting price-sensitive customers may focus on offering lower-priced products and using cost-effective distribution channels, while a business that is targeting luxury customers may focus on offering high-quality products and using premium pricing and exclusive distribution channels.

The marketing mix framework is a useful tool for businesses to plan and execute their marketing strategies, and it can help businesses to achieve their marketing objectives by effectively reaching and influencing their target customers.

4C’s; Consumer-oriented Model of Marketing Mix

The 4C’s model is a consumer-oriented marketing framework that emphasizes the needs and preferences of the target market. Unlike the traditional marketing mix framework that focuses on the company’s perspective, the 4C’s model places the customer at the centre of the marketing strategy. The four elements of the 4C’s model are:

• Customer Needs and Wants: This refers to the specific needs and preferences of the target market. To effectively reach and influence the target market, businesses must understand their customers’ needs and wants and tailor their marketing strategies accordingly.
• Cost: This refers to the total cost of ownership for the customer, including not only the purchase price but also the costs of using, maintaining, and disposing of the product or service. Businesses must ensure that their products or services provide good value for the customer and are priced appropriately for the target market.
• Convenience: This refers to the ease and convenience of purchasing and using the product or service. Businesses must ensure that their products or services are easily accessible to the target market and that the purchase process is convenient and hassle-free.
• Communication: This refers to the methods that businesses use to communicate with their target market and promote their products or services. Businesses must use effective communication channels and messages that resonate with their target market and provide clear and compelling reasons to choose their product or service over the competition.

Marketing mix. Strategies

Marketing mix strategies are the tactics and actions that businesses use to optimize the four elements of the marketing mix (product, price, place, and promotion) to achieve their marketing objectives. Here are some examples of marketing mix strategies:

• Product Strategy: Businesses can develop a product strategy by analyzing the needs and preferences of their target market and creating products that meet those needs. They can also differentiate their products from competitors by adding unique features or benefits, such as superior quality or innovative design.
• Price Strategy: Businesses can adopt a price strategy by setting prices that are competitive with other products in the market while still generating profits. They can also use pricing tactics such as discounts, bundles, and promotions to attract and retain customers.
• Place Strategy: Businesses can develop a place strategy by identifying the most effective distribution channels for their products. This may include selling products online, through brick-and-mortar stores, or through third-party retailers. They can also optimize their supply chain and logistics to ensure that products are available to customers when and where they want them.
• Promotion Strategy: Businesses can develop a promotion strategy by using various marketing channels and tactics to communicate the value of their products to their target market. This may include advertising, social media marketing, email marketing, influencer marketing, and other forms of promotion.

Marketing mix Pros:

• Comprehensive Strategy: The marketing mix is a comprehensive strategy that covers all the key elements of marketing, including product, price, place, and promotion. By addressing each of these elements, businesses can create a well-rounded marketing plan that is more likely to be effective.
• Flexibility: The marketing mix is a flexible strategy that can be adapted to suit different businesses and industries. By adjusting the elements of the marketing mix to fit the needs and preferences of the target market, businesses can create a customized marketing plan that is more likely to succeed.
• Measurable Results: The marketing mix allows businesses to measure the effectiveness of their marketing efforts and make data-driven decisions about how to improve their strategy. By tracking metrics such as sales, customer engagement, and ROI, businesses can identify areas of their marketing mix that need improvement and make adjustments accordingly.

Marketing mix Cons:

• Limited Focus: The marketing mix may focus too much on the four elements of product, price, place, and promotion, and may overlook other important aspects of marketing, such as branding, customer service, and reputation.
• Limited Scope: The marketing mix may not take into account the broader context of the business and the industry. Factors such as economic conditions, technological advancements, and cultural trends may have a significant impact on marketing strategy but may not be fully addressed by the marketing mix.
• Competitive Pressure: The marketing mix may create a competitive pressure to constantly adjust and optimize the four elements, which can lead to a focus on short-term tactics rather than long-term strategy. This may result in a lack of consistency in marketing messaging and an overemphasis on price-based competition.