Marketing mix largely refers to the set of tactics or actions that a company uses in order to promote its services, products or brand name in the marketing. A New York based industry professional, Joseph Cianciotto, mentions that a typical marketing mix tends to be comprised of four distinct elements, Place, Promotion, Product, and Price. However, there are many other P’s that can be involved in it, such as People, Positioning, and Packaging. Marketing mix is considered to be among the crucial foundation models for modern businesses.
The marketing mix is a popular tool that takes into consideration the various types of elements that go into promoting a brand and its products. Joseph Cianciotto mentions that the marketing mix tends to offer broad guidelines for putting the right products in the right place, as well as at the right time and price. The marketing mix is known to be rooted in a deep understanding of the target audience of a company. The marketing mix meant for business has evolved with the new-age consumer trends, which can commonly be seen in modern metros and urban hubs like New York. Modeling a business as per consumer insights makes sure that companies are able to deliver the absolute best at each stage of the marketing mix.
Here are the four key elements involved in a typical marketing mix:
- Price: This refers to the amount of money that a product is sold for. There are a lot of elements that influence the price of a certain item, including the cost of production, market demand, segment targeted and so on. There can be multiple types of pricing strategies followed by a company, each of them being tied in with the central business plan. Pricing can be used as a demarcation as well, that is used to both differentiate and enhance the image of a certain product.
- Product: This refers to the item in question that is being sold. The product should at least deliver a basic level of performance; otherwise, even the best work on the various other elements involved in the marketing mix would not be of any use.
- Place: This implies to the point of sale. In each and every industry, the prime aim of any comprehensive good distribution or ‘place’ strategy shall involve catching the eyes of the customers and making it easy for them to buy the item.
- Promotion: This tends to involve all the activities that are undertaken for the purpose of making a product or service known to the trade and user. This can include the elements of incentives, commissions, press reports, word of mouth, advertising and so on. This typically includes prizes, contents, direct marketing, and consumer schemes.
All the elements of the marketing mix tend to influence each other quite significantly. Joseph Cianciotto mentions that if the marketing mix of a company is handled in the correct manner, it can fetch them quite a great success.