Marketing Mix Examples: The Building Block of a Successful Brand
Learn about marketing mix and its examples through advertising campaigns of various leading brands..
- overview#goto" data-overview-topic-param="what">What is marketing mix?
- overview#goto" data-overview-topic-param="origination">Origination of the 4P's
- overview#goto" data-overview-topic-param="important">Why is marketing mix important?
- overview#goto" data-overview-topic-param="examples">Examples of marketing mix
- overview#goto" data-overview-topic-param="7">7P's of marketing mix
- overview#goto" data-overview-topic-param="why">Why is it important?
- overview#goto" data-overview-topic-param="write">Best practices to write marketing mix
Marketing mix can make or break a product’s success. We have put together the best marketing mix examples of leading brands for your understanding and a guide to help you craft an effective marketing mix strategy for your brand.
What is Marketing Mix?
Let's start with the Marketing mix definition before moving on to the guide.
A marketing mix is a blend of business strategies brought into execution that make up the overall marketing strategy for a product.
Typically, marketing mix collectively includes the 4 Ps of marketing: product, price, place, and promotion.
With dynamic changes in the business environment, these four Ps were further expanded into the 7 P's of marketing mix to include: people, process, and physical evidence.
The intersection of these factors leads to the formation of a distinct marketing strategy that is tailored for a brand. Having a marketing mix that is compatible with your brand values is crucial for the success of a company.
Origination of the 4 P's of Marketing Mix
Prof. James Culliton was the first one to mention the marketing mix in the late 1940s. Later his colleague, Neil Broden published an article - The concept of the marketing mix .
Jerome McCarthy first introduced the concept of the 4 P's of marketing mix in his book “Basic marketing: A managerial approach”.
Why is Marketing Mix important?
Imagine if Tiffany diamonds were sold in Walmart.
Or McDonald’s was located in remote locations.
Or Red Bull was advertised on a kid’s Television channel.
Or an artist was the brand ambassador of Nike.
This would have gone terribly wrong, and these brands might not even be in the market today.
The slightest angle change in a marketing mix can tremendously impact the market you are targeting. Every element must be selected carefully after rigorous market research and analysis.
A right marketing mix ensures you are -
creating a product that solves a problem
selling it at the correct price
promoting it to your target customers
distributing it at a place easily accessible by the consumers
All these factors need to work in tandem to ensure the creation of a well-oiled marketing engine.
Is Marketing Mix rigid in nature?
The marketing mix isn’t set in stone. It ebbs and flows in alignment with the dynamic changes in the business environment and company growth. Often a company might test various combinations of the marketing mix elements to settle on marketing tactics that give the highest returns.
With that let’s dive into the world of marketing mix with marketing examples from leading brands around the world to give you a practical understanding.
4 P's of Marketing Mix with Examples
A marketing plan must be based on thorough market research and analysis of the many factors of marketing. A marketing design without a solid blueprint is like aiming in the dark, you’ll never hit the target. Understanding the 4 P’s of marketing is crucial for devising a marketing scheme that hits home.
Here are the 4 P's of marketing mix with examples.
Product Marketing Mix
Product is at the core of all marketing strategies. The product attributes don’t only refer to tangible goods but also intangible service products and ideas. It is what a company has to offer to its customers.
A great product is at the center of a brand’s success. Noteworthy marketing tactics can get the product in front of the target customers and get them to try it once, but after that, the product is on its own. The product must have the potential to survive and thrive in the market.
The product must solve customers’ problems efficiently, and better than others in the market, otherwise, customers won’t buy it. The question is, what’s in it for them?
Product marketing refers to product benefits, market research, product features, design, quality, technology, and warranties.
To develop a product mix, a marketing manager takes into consideration the following questions:
Who is your target market?
What are their pain points or problems?
What quality product are they looking for?
What is your competitor’s offering?
How can you gain a competitive advantage over them?
How large is the target market?
What pain point are you solving?
Which product features and benefits solve that problem?
Apart from the above checklist, feedback from the customers about what they like or dislike about the product is taken further to mold the product to suit their needs.
This will help you craft customer-centric marketing instead of product-centric.
Product Marketing Mix Example
Apple 's unique selling proposition is its product marketing mix by producing products with innovative features, advanced technology, and sleek design. From their iconic iPhones to their ingenious MacBooks, Apple’s products are the perfect combination of form and function. Apple’s product mix includes more than just hardware. Their services and add-ons make their products irresistible. Customers have access to the world of entertainment and convenience with iTunes, iCloud, and Apple Music.
Apple treats its customers like a kind by providing a simple user interface, exceptional support, and warranty claims. Apple is a legendary marketing example everyone must take notes from.
Source: Apple Website
Source: Unsplash
Price Marketing Mix
Price is the money paid by the customers to own, access, or avail of your product. Pricing strategies must be profitable to the company. Prices are determined based on the cost incurred, the expected profit margin, and how much the customers are willing to pay.
Does your product solve a problem better than others, is it sold for an appropriate price, and is it worth the price? Based on your business strategy, product prices can be luxury, premium, or bargain price.
Price marketing mix elements include pricing strategy, payment terms, credit policy, discount, allowances, and payment mode.
To develop a pricing strategy, the marketing manager first determines:
The income range of their target consumer
Brand’s value perception by the customer
How much are they willing to pay?
How much do their competitors charge?
Do you want to adopt a luxury, bargain, or premium pricing strategy?
How will your price portray your brand?
Premium prices give the impression that the brand must be superior. The right price is the one that meets your profit margins and keeps more customers happy, a win-win situation.
Price Marketing Mix Examples
Coca-Cola uses a competitive pricing strategy for penetrative marketing. It is a pricing expert such that it matches the competitor’s prices head-on combined with a value-based pricing approach to push discounts for stimulating higher sales. The business is adaptable and it also changes its prices to meet local laws and market conditions.
Another example is Walmart which uses Everyday Low Prices (EDLP) pricing strategy that entails selling products at a low price to attract more customers, higher sales volume, and increase profits. Walmart does this by buying products in massive quantities from all over the world and use economies of scale to sell products at high discount rates depending on the demand.
Source: Walmart Website
Source: Tech Crunch
Place Marketing Mix
The third P, Place refers to the chain through which the products go from manufacturer to customer. This chain is determined based on who is the target audience, where will you find them, and how will you reach your product to them.
The quicker the goods travel from production to point of sale, the higher customer satisfaction.
Place mix determines the distribution channels and place where the product will be sold like online/eCommerce stores, physical locations like retail, wholesale, convenience stores, brand owned outlets. It is significant to research where your customers will be looking for your product and how to best serve them.
Place marketing mix elements include warehouse, transport, distribution channel, inventory control, and areas covered.
To determine the place marketing mix strategy, marketing managers find the answers to the following questions:
Where will your customers find your product?
Where will you sell your products?
Will they be available in eCommerce stores, retail stores, or brand store chains?
A well-optimized distribution channel is even more important for retail businesses. You can read our marketing mix case studies on Costco , Pepsi , or Airbnb to get more perspective on how they manage their distribution.
Place Marketing Mix Examples
McDonald’s has more than 36,000 franchises and company-owned outlets all across the globe. It also has drive-ins, online ordering through its app, and food delivery partners. Consumers can either dine at the restaurant itself or get a takeaway at their convenience. McDonald’s is located in easily accessible locations providing its customers serving tasty food quickly at low prices.
Source: McDonald's blog
Tiffany & Co is a high-end luxury jewelry brand. It sells its signature Tiffany True only in its stores creating exclusivity and an elite user experience.
Source: Harpers Bazaar
Promotion Marketing Mix
Promotion defines the strategies to make your potential customers aware of your brand. Simply put, how to get the word out about your product to your potential customers. Promotion marketing mix advertises, differentiates your product in the target market, and convinces your ideal customers to buy your product.
Promotional mix elements in the digital age include television ads, publicity, sales promotion, digital marketing, social media ads, personal selling, direct marketing, public relations, print advertising, search engine marketing, and online marketing.
Questions marketing managers ask when devising a promotion marketing mix strategy:
Where do your customers hang out online & offline?
Where will you promote your product?
What promotion tactical marketing tools will you use?
One needs to perform a lot of trial and error in devising promotional channel strategies. You can read this book to know many possible growth channels - Traction by Gabriel Weinberg
Promotion Marketing Mix Example
Red Bull spends extensively on promotions to stay at the top of its consumer's mind. 'Red Bull gives you wings' tagline has made a home in people’s minds. It’s impossible to plainly say it without dragging out the wings in a high-pitched voice. Red Bull promotes itself as a high-energy drink for intense activity. Its promotion strategy includes creative ads, digital marketing, content marketing, and sponsorship of extreme sports events .
Nike’s target buyers are athletes and people seeking a sporty and healthy lifestyle. It collaborates with high-profile sportspersons to promote its product line and maintain its brand image of being a premium sportswear brand. Michael Jordan, Serena Williams, and Kobe Bryant are a few of Nike’s brand ambassadors. Managers must study Nike's marketing example to devise their promotion strategy.
Source: Footwear News
Source: WWD
The 4 Ps of marketing work in unison to create a brand’s marketing strategy. It’s like a four-legged chair. If one leg is of the wrong height or broken, the chair won’t stay upright.
As businesses became more dynamic, more elements were added to the 4 Ps of marketing to derive an effective marketing plan to meet today’s business needs.
What are the 7 P’s of Marketing Mix?
The 4 Ps were expanded into the 7 P's of marketing mix to keep up with the modern business environment. The additional P’s are Physical evidence, people, and process.
Let’s learn about each one of them with marketing examples.
Physical Evidence Marketing Mix
It is the look and feel of your product and brand. It includes exterior design, interior decor, ambiance, atmosphere, furnishing, packaging, employee appearance, and overall experience.
Physical Evidence Marketing Mix Example
Starbucks serves exquisite coffees in a soothing ambiance. It positions itself as a place where you can work, interact, or hang out in a peaceful atmosphere with utmost ease. The experience Starbucks offers is what makes users choose it over others.
Paperboat’s packaging is vibrant and colorful with unique shapes and sizes because its consumers are children. Kids are attracted to colorful things that catch their eye in an instant. This way Paperboat distinguishes itself in a sea of competitors.
Source: Elephant design
People Marketing Mix
People marketing mix refers to the people involved in the development, distribution, and selling of the product. Personnel is the backbone of a company because they represent the company in front of its consumers and leave an impression. Hiring the right people, and training them thoroughly to match the quality of your brand is crucial for a brand’s success. The people marketing mix includes employees, service providers, sales executives, delivery staff, and work culture.
People Marketing Mix Example
Taj is a world leader in hospitality. It keeps customer satisfaction at the forefront. They train their personnel, right from the front desk to managerial staff, rigorously to provide the best customer experience.
Source: Taj Hotels
Process marketing mix
The process consists of the direct and indirect activities involved in the manufacturing, delivery, and consumption of the product. It also includes customer feedback to solve any inconvenience and give consumers what they need. The efficiency of the process decides the performance of a product.
Process Marketing Mix Example
Starbucks holds customer feedback in high esteem to refine its product offering. Starbucks' “My Starbucks Idea” platform was in operation for nearly 10 years before being retired. It provided consumers with a better way to share their concerns and submit requests. The aim was to give consumers exactly what they want while building a relationship and a loyal customer base.
Source: Braineet
Marketing mix elements work in agreement with each other to formulate the right marketing design for a brand. You cannot focus on a single element and call it a day. If there are internal discrepancies between the elements then those must be eliminated to provide the best value to the customer.
Why should you care about Marketing Mix?
The marketing mixes work in unison aiding each other. They are interrelated like the tires of a car, driving the company forward.
A correct marketing mix ensures you target the right buyers, make them aware of your product, position yourself distinctly, and offer a product they want, at a price they are willing to pay, and at a place easily accessible to them.
Each element decides the strategy for other elements. For example, a luxury product with a premium price cannot be sold at indie shops that follow cost-sensitive pricing strategies.
Best Practices to write a Marketing Mix Strategy
Use these best practices to write an effective marketing mix strategy for your product:
Clear, measurable, time-specific and stretch goals for a marketing campaign improve marketing success rate as one works towards a defined outcome. Is your aim to attract more customers, get more sales, differentiate yourself from competitors, enhance brand image, or increase brand awareness?
Perform Market Research
Market research gives a direction and validation to your marketing mix as to whom you need to sell in the first place. It helps define a target audience, finalize product's features, get inspired from competition's promotion tactics, etc. The result is a customer-centric product stand that has a distinct unique selling proposition backed by research.
Incorporate customer feedback
Are your product's benefits truly aligning with your customer's expectations? What is the perceived value of your product in front of your potential customers ? Can you increase your product pricing? Should you invest in search engine marketing?
All such present and future product decisions can be made by actively taking customer feedback. You also get a clear data if your marketing mix work on your target audience as strategized.
Get started with your brand's marketing strategy today
The marketing mix is crucial to successfully market your product and achieve marketing goals. Effective marketing mix results in higher customer satisfaction, larger market share, increased sales, and finally soaring profit margins. Now that you have a clear understanding of the marketing mix, it’s time for you to devise a marketing mix plan for your product and achieve those banger sales and profit goals.
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How to Write a Marketing Plan
By Joe Weller | March 28, 2024
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A marketing plan is a guide for achieving marketing initiatives on a set timeline. It includes analysis of a company's target audience, competitors, and market sector. Teams can build an organized strategy with that information to reach their goals.
Inside this article you’ll find a detailed, step-by-step guide to writing a marketing plan, with a free, downloadable marketing starter kit for beginners .
A marketing plan includes analysis of the target audience, the competitors, and the market so that teams can determine the best strategy for achieving their goals. The plan’s length and detail depend on the company's size and the scope of the marketing project. A marketing plan is useful for all types of marketing, including digital, social media, new product, small business, B2C, and B2B. Follow the steps below to write a comprehensive marketing plan.
1. Prepare for Success
Before you begin writing your marketing plan, set yourself up for success by conducting thorough market research and assembling a team with diverse skills in marketing strategy, content creation, digital marketing, and data analysis. Be sure to consult all your team members as you progress through these steps. It might also be helpful to assign leaders to complete different sections of the plan, depending on their areas of expertise. For example, you might assign the market analysis section to a team member with strong analytical skills and experience in data analysis.
2. Use a Marketing Plan Template
Download a free marketing plan template to ensure consistency and thoroughness in your final marketing plan.
For more template options, see this collection of free marketing plan templates and examples.
3. Identify Your Target Customers
To identify target customers for your marketing plan, collect information about their location, demographics (such as age, gender, and income), interests, values, and purchasing behaviors. This knowledge enables you to focus your marketing goals and tactics to meet their specific needs and preferences.
A customer persona is a fictional representation of your ideal customer that provides valuable insights for strategic decision-making. Use one of these customer persona templates to craft a detailed profile of your ideal customer.
4. Conduct a SWOT Analysis
A SWOT analysis is an important part of any marketing plan, because it helps identify a company’s strengths, weaknesses, opportunities, and threats in relation to the market environment. To start, divide a page into four quadrants and label each as strengths, weaknesses, opportunities, and threats. Next, brainstorm with your team to fill in each section. Be as honest and specific as possible, considering factors such as market trends, competition, and your own resources and capabilities. This information will allow the team to capitalize on strengths, prepare for challenges, and make sound strategic decisions throughout the marketing plan.
See this collection of marketing plan SWOT analysis templates for additional guidance.
5. Conduct a Market Analysis
A market analysis is an assessment of a market's size, growth, trends, customer segments, and competitor dynamics. Include it in your marketing plan to provide critical insights for strategic decision-making, helping to tailor products to customer needs, differentiate from competitors, and identify new opportunities.
To conduct a market analysis for your marketing plan, determine each of the following factors:
- Market Size: This is the total potential sales that a particular product or service can achieve within a defined market. Determine the market size by estimating the number of potential buyers for a particular service and multiplying that by the estimated number of purchases over a specific timeframe. (Number of Target Customers) x (Number of Purchases in a Given Time) = Market Size Imagine your company sells wireless headphones, and you estimate that the average consumer purchases a new pair every two years. If your market includes 1 million target customers, and assuming each customer buys one pair of headphones every two years, the calculation for annual market size would be as follows: (1 million target customers) x (0.5 purchases per year) = 500,000 pairs of wireless headphones per year
- Market Growth Rate: This measures the change in a market’s size over a specific time period and is typically expressed as a percentage. To determine the market growth rate, use the following formula: [(Current Market Size − Previous Market Size) ÷ Previous Market Size] × 100% = Growth Rate For example, if the market for wireless headphones was worth $1 billion last year and is worth $1.1 billion this year, the market growth rate would be as follows: [($1.1 Billion – $1 Billion) ÷ $1 Billion] x 100% = 10%
Market Share: This is the percentage of total sales in an industry generated by a particular company over a period of time. It provides a benchmark for assessing performance relative to competitors. Use this formula for calculating market share: (Company’s Revenue ÷ Total Industry Revenue) x 100% = Market Share
Tip: Keep in mind that the market size, share, and growth rate are all estimates. It’s impossible to be exact. To obtain the most accurate numbers, review the latest industry reports and seek insight from experts.
- Market Demand: This is the amount of a product or service a consumer is willing to purchase and how much they are willing to pay for it. To determine market demand in a market analysis, begin by conducting comprehensive research on consumer behavior, preferences, and purchasing patterns related to your product or service. Use tools such as surveys, SEO analytics, and interviews to gather data on potential customer interest and willingness to pay, and analyze competitor pricing and offerings.
- Market Trends: This is the growth or decline direction of a product or service’s price over a specific timeframe. To identify a market trend, monitor industry developments, consumer behavior, and technological advancements over time. Review industry reports and expert analyses to understand broader market movements and future projections. Summarize these observations and include them in your plan to highlight the direction in which the market is heading.
Market Segments: The broader market includes specific groups, categorized by shared characteristics. Generally, there are four types of market segments: geographic, demographic, psychographic, and behavioral. In your marketing plan, detail how you'll target each segment by adapting your strategies to their unique characteristics. This targeted approach ensures more effective engagement with each segment.
- Competitor Analysis: A competitor analysis involves examining your competitors’ strengths, weaknesses, market positioning, product offerings, and marketing strategies. Describe how you'll conduct a comprehensive evaluation of key competitors by analyzing their market share, pricing, distribution channels, and promotional tactics. For more guidance, try downloading this competitor analysis template. Use it to identify areas where your rivals succeed and why. Their strengths indicate areas for improvement, while their weaknesses indicate opportunities.
6. List Your SMART Goals
Include SMART goals in your marketing plan to ensure that objectives are specific, measurable, actionable, relevant, and time-bound, providing a clear direction for strategic actions and performance evaluation. Start by identifying key performance areas that align with your overall business strategy. Then, for each goal, apply the SMART framework.
Here are two examples of SMART marketing goals:
- By Q4 end, increase search results page (SERP) position from 14th to the top three for keywords pertaining to our brand and lead to more organic traffic.
- Increase social media following, reach, and engagement by 25 percent in six months and 50 percent in one year.
Learn more about SMART goals and find a customizable SMART goals worksheet in this comprehensive guide to writing SMART goals .
7. Create a Marketing Strategy
A marketing strategy is the plan for achieving your SMART goals.
“A marketing plan should include strategic and tactical elements,” says Gayle Kalvert, Founder and CEO at Creo Collective , a full-service marketing agency. “From a strategic standpoint, it is critical that the marketing plan aligns to the overall goals of the organization. Tactically, what initiatives will the marketing team execute, and why? Tactics with no strategy lead to spotty results and poor-quality leads.”
Use one of these marketing strategy templates to get started. A successful marketing strategy will include the following elements:
7a. Customer Buying Cycle
The customer buying cycle is the path a potential customer follows from first having exposure to a product or service to becoming an advocate for it. Understanding this process allows marketers to effectively target communications and strategies at each stage in their marketing plan.
Pro Tip: “Consider your persona’s buyer's journey and ensure marketing has a role at each stage of the journey, especially after the close,” says Kalvert. “That is when customers can become advocates, sources of referral, and great subjects for marketing content for future buyers.”
7b. Unique Selling Proposition
A unique selling proposition (USP) is a specific benefit or advantage that sets your product or service apart from the competitors. By including a USP in a marketing plan, you help ensure that the team communicates why customers should choose your offering over others.
For example, Google’s USP is its powerful and accurate search algorithm that delivers relevant search results faster and more efficiently than its competitors.
7c. Branding
Branding is the development of a unique identity, image, and experience for a company. Marketers convey a brand through messaging, tone, logo, colors, and web design. The marketing strategy needs to align with the company’s brand in order to maintain consistency in messaging and experience, which ultimately builds customer trust.
7d. Marketing Mix A marketing mix refers to the set of actions that a company takes to promote its brand or product in the market, typically encapsulated by the four Ps: product, price, place, and promotion. Go through each of these steps when including the marketing mix in your strategy:
- Product: Describe the product and the problem it solves for your target customers. What makes your product or service different from the competition? Why is it special?
- Price: Explain how much your target customer is willing to pay for the product or service based on its real and perceived value. What do your competitors charge for a similar product? Will you run any seasonal promotions or discounts?
- Place: Describe where your product or service will be available for purchase by your target customers. Will you sell it online, through retail partners, or both? How will you manage logistics and supply chain to ensure your product is accessible to your target market?
- Promotion: Detail the strategies you will use to communicate your product’s value to consumers. This includes advertising, public relations, social media marketing, email campaigns, sales promotions, and direct marketing tactics.
7e. Channels
Identify the specific mediums and platforms — or channels — where you’ll share your message to your target audience. These should include distribution channels, communication channels, and engagement channels.
As you list them, explain how they will be used to effectively reach and engage with your target audience. For example, if you’re marketing a new fitness app, one distribution channel would be a direct download from the App Store to reach fitness enthusiasts directly on their smartphones. An engagement channel could be an in-app community feature for users where they can share progress.
Here is a brief list of popular marketing channels:
- Affiliate marketing
- Email marketing
- Social media
- Website marketing
7f. Tactics Tactics are the specific actions you will take to reach the goals outlined in your strategy. They cover everything from the creation and distribution of marketing materials to the scheduling of campaigns to the platforms used for advertising and engagement. Detail the specific actions and tools you will use to execute your marketing strategy, along with timelines, responsibilities, and budget allocations for each activity. This includes specifying the exact steps for product promotion, customer engagement, content creation, digital marketing efforts, and any other methods chosen to reach and convert your target audience. “Equally as important as using data is to build in time and resources to be flexible,” says Kalvert. “The marketing landscape is evolving at such a rapid pace. Tactics that worked last year may not work this year. Be open to experimenting with new tactics and adjusting your approach based on feedback and results.”
8. Determine the Budget
Start by estimating the costs associated with each tactic and channel outlined in your strategy, taking into account factors such as content creation, platform fees, and personnel costs. Next, prioritize spending based on the expected ROI for each tactic. Finally, document the budget in a clear, detailed format within your marketing plan, including an itemized list of costs for each tactic, total expenditure, and a contingency fund.
For more resources and help estimating marketing project costs, take a look at this collection of helpful free marketing plan budget templates .
9. Create a Calendar
Create a calendar to schedule and track deliverables. Include time for brainstorming, planning, executing, and analyzing results. List objectives, start dates, end dates, due dates, and responsible parties. Keep the calendar in a central location so that team members can easily access it.
10. List Marketing Tools and Technology
List any marketing tools or technologies your team will use to help achieve their goals. These can include email marketing software, blogging software, social media management software, or any other programs you plan to use.
11. Identify Metrics and KPIs
Identify the metrics for measuring and tracking your marketing goals. Metrics and KPIs eliminate ambiguity so that you can accurately measure progress. Select indicators that directly reflect the success of your marketing objectives, such as conversion rates, website traffic, lead generation, and customer acquisition costs.
12. Write an Executive Summary
Once you’ve completed all the sections in your marketing plan document, return to the first section to write the executive summary. Completing this section last ensures that you have a thorough understanding of all key elements before summarizing them.
Concisely highlight the main objectives, target market, and key strategies of the plan, providing a snapshot of the market analysis and expected outcomes. Outline the budget, resources required, and the metrics for measuring success. This section serves as a compelling overview, enticing stakeholders to delve into the plan.
For more detailed information on executive summaries, see this guide to writing an effective executive summary. You can also download a helpful template from this collection of free executive summary templates
Marketing Starter Kit for Beginners
Download Marketing Starter Kit for Beginners
Get everything you need for creating a marketing plan with this free, downloadable marketing plan starter kit. The kit includes an executive summary template, a customer persona worksheet, a SWOT analysis template, a competitor analysis template, a SMART goals worksheet, a marketing strategy template, and a calendar template with a budget tracker, all in one easy-to-download file.
In this kit, you’ll find the following:
- An executive summary template for Microsoft Word to help you introduce the content of your marketing plan.
- A customer persona worksheet for Microsoft Word to collect information about your ideal customer.
- A SWOT analysis template for Microsoft Word to guide strategic decision-making based on the company’s strengths, weaknesses, opportunities, and threats.
- A competitor analysis template for Microsoft Word to help you compare and evaluate your competitors.
- A SMART goals worksheet for Microsoft Word to ensure each marketing objective follows SMART guidelines.
- A marketing strategy template for Microsoft Word to outline the plan for achieving your goals.
- A calendar template with budget tracker for Excel where you can organize, track, and manage marketing deliverables and their costs.
- A marketing plan template for Microsoft Word to ensure consistency and thoroughness in your final marketing plan.
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Marketing Mix Strategy - A Complete Guide with 5 Simple Steps
CEO Avada Commerce
Drive 20-40% of your revenue with Avada
A key concept you learn in your first marketing lesson is how to explain marketing using the four Ps, often known as the marketing mix. Although companies have used marketing tools to promote and sell their products since the dawn of time, the term “marketing mix” was only coined in the middle of the twentieth century to describe the overall strategy. You’ll discover, though, that marketing encompasses far more than just a four-section marketing mix matrix after you begin your first marketing internship or employment.
However, establishing marketing teams around the marketing mix has an evident advantage. Effective marketing is a result of teams and individuals working together to market a product at the right time and at the right price. Additional efforts are necessary, but they all start with this marketing mix.
Learn about the marketing mix and how to create a successful marketing mix strategy for your own business in this section.
Table of Contents :
What is a marketing mix?
Other components of the marketing mix, determine the market you want to target, participate in product development and market research, choose a pricing strategy, decide on a distribution strategy, decide on promotion and sell, alternative models of the marketing mix to consider, final words.
A marketing mix is a term that describes several different things. Using the marketing mix, a firm can receive the response it wants from its target market by using a combination of tactical marketing instruments that are within its control. Everything a firm can do to affect the demand for its product is included in this category. As a result, it’s a helpful tool for marketing strategy and execution as well.
Companies can use the marketing mix to plan more process-driven and impactful campaigns. A company may make lucrative marketing decisions at every level by identifying and arranging the elements of its marketing mix. By making these choices, a firm is better able to capitalize on its strengths while minimizing its limitations. This makes it more competitive and adaptive in its market, and it also helps departments and partners collaborate more profitably.
Due to new technologies and other developments in marketing best practices, the constituents of the marketing mix have experienced numerous alterations since the 1950s. However, the essential parts of the marketing mix have not changed for decades despite certain additions or modifications.
Elements of the marketing mix
The main aspects of a marketing mix provide a well-rounded approach to marketing strategy when they are polished and synchronized. A good place to start is with the classic marketing concept known as “The 4 P’s” of Marketing. Product, Price, Place, and Promotion are the 4 Ps’ key building blocks. The 4 P’s may not seem like rocket science, but whether or not a corporation can embrace and implement them can mean the difference between success and failure.
A product is a service or good that is made available to satisfy the wants or needs of the customer. You can do anything you want, as long as you have the resources to do it.
Succeeding at the marketing mix’s product element requires considerable research and development, identifying the demand for products, designing a product launch strategy and timeframe, as well as informing clients and salespeople about the product’s purpose.
The product’s life cycle must be considered by marketers to handle any issues that may develop while it is in the customer’s possession. For instance, the first iPods had a battery life issue that became apparent after a certain time, and Apple had to find solutions to that issue.
Example: Coca Cola
To address the needs of as many consumers as possible, the company offers a wide range of product lines. Whatever your preference, there’s a Coke product for you. Whether you’re trying to lose weight or just want a little more energy, there’s a diet Coke or a coffee-flavored Coke.
A product’s price is the amount customers are willing to pay for it. Base costs (materials, production, and transportation) are included, as are expenses (rent, office supplies, healthcare, etc.). While it’s important to keep an eye on your competitors, a successful firm will focus on what its customers are willing to pay for it. That’s all that matters.
A company’s pricing strategy reflects its market position, the speed at which it wants to penetrate the market, as well as its revenue targets and profit margin. In general, lesser prices allow for greater access, whereas higher prices appeal to those who want to be the only ones with access to the commodity in question. There are two ways to do this: either charge a premium above your production costs or at a lower price.
Example: Tom Ford
Tom Ford is a great example. Tom Ford Lip Color costs $200 on average, which is 4-6 times more than the average price of a common lipstick. Instead of being sold in markets or on small stalls, this item is typically found in shopping malls, showrooms, or other establishments that display merchandise. Here we have the high-priced strategy.
The location where your product or service will be offered for sale is referred to as the Place. Physical venues, such as your store or a retailer through whom your goods will be resold, include tangible products. Distribution centers, transportation, warehousing, inventory management, and franchising are all included in this category. The various methods of purchasing your products, such as online or over the phone, can also be included.
Example: Hu
As an illustration, one of Hu’s specialties is organic, paleo chocolate bars that are free of the junk additives found in many other brands.
Several big shops, such as Walmart, Target, and Whole Foods, have made the brand’s products available. They have an Amazon storefront as well. There’s always their website to turn to if the store’s inventory runs low.
Promotional activities are those that raise awareness and excitement about your product or service among your target audience. To communicate with potential customers, promotion combines the first three Ps: positioning, pricing, and timing. Its purpose is to make a product enticing to buyers.
Promotion includes both sponsored and organic efforts such as word-of-mouth, content marketing , and public relations.
Example: The Lip Bar
Beauty brand The Lip Bar uses celebrities and social media influencers to advertise its products. The company recently announced its entrance into Walmart stores and its nine newest items in partnership with beauty blogger Raye Boyce.
This collaboration with a Black influencer known for her love of lipsticks is perfectly in line with the Lip Bar’s ethos, which places women of color at the center of its products. The company has a blog on its website, as well as a strong social media presence, with content that appeals to customers at all stages of the buying process.
A company’s marketing mix can be reduced to the four Ps, but new Ps have been added to the list as marketing’s reach has expanded recently. The 7 Ps are sometimes added to the 4 Ps.
People: Your company’s product would not exist without all the people who are engaged in its development, production, distribution, and sale. Your store’s employees, delivery drivers, and sales representatives, among others, leave a lasting impact on customers.
There are several ways a firm and its customers can work together to make sure a product gets to its intended audience. It’s a road map showing how the company and its products can be found by customers. It’s a road map for the company’s activities, not merely a means to an end.
Physical evidence: If your product is a tangible item, consumers will pay attention to all of your marketing materials (such as packaging, business cards, brochures, and corporate branding). These observable indications, on the other hand, are linked to an intangible product.
How to develop a successful 2021 marketing mix strategy
Because the marketing mix includes aspects from across your department – and even your company – it’s critical to develop a marketing mix plan for each new product you introduce or your entire firm. Follow these procedures for a well-rounded marketing mix.
This exercise’s sole purpose is to help you market and, ultimately, sell your merchandise. Therefore, the client should be at the center of any debate about the product, pricing, promotion, and where it is sold. To truly put the needs of the customer first, you must first get to know them.
Learn as much as you can about your present or potential consumer base by conducting customer research. Making one-page buyer personas that include the essentials of your ideal consumer is helpful to many marketers. So who are these people? What motivates them? What issues are important to them?
Discovering your target audience will help you have a better understanding of how they interact with your business.
- In what way are you able to help your target audience?
- Exactly what is standing in the way of finding a solution to that issue?
- Do you have a solution to that problem?
- Which competitors do your ideal customers find the most enticing? What are your thoughts?
- What entices your ideal client to make a purchase?
For your marketing efforts to be successful, you need a product that people will want to buy. Ascertain that it’s well-developed and that your staff can discuss the advantages and background of it.
This step should incorporate best practices such as conducting market research to better understand your customers’ wants and needs.
- Investigate the demands of your current clients to determine which areas need improvement in your current offering.
- Tracking market trends to determine if there is a demand for your product.
- Investigating the opposition.
- Collaborate with your product team during the product development process to guarantee that it fits your customers’ individual needs.
Current consumers can help you determine how well your product or service is meeting your customers’ needs and if it is genuinely solving their problems. By taking these steps, you’ll ensure that you’re doing everything possible to identify and solve your customers’ problems, laying the groundwork for the successful launch of your product.
The process of choosing a price point is extremely complex, and we’ve dedicated an entire guide to it. Most of the questions in this section can be answered based on your market knowledge gained via research. You’ll also have to think about your expenses to get the most out of your sales and profit. At this point, you have the option to:
- Determine the ideal selling price by speaking with clients (or using previous market research).
- Develop the product with the product team in a cost-effective manner to achieve profitability at your target price point. Work with them.
- Visit financial professionals to identify aggressive but realistic sales estimates that will help the company’s bottom line.
- Figure out how you’ll deal with the pricing changes and revenue fluctuations that will occur when you sell through resellers.
Finally, don’t forget to take into account the customer’s perception of value. Despite low production costs, if you have little competition and offer an indispensable benefit to your clients, you can mark up your product more.
The 4Ps marketing mix strategy’s essential step is distribution. It facilitates circulation, allowing the product to reach its intended audience. The policy for distribution intermediaries will also have an impact on the profitability of businesses.
Distribution channels can be created using the following changes, depending on your product line and target market. Before moving on to the promotion step, make sure that you have taken care of the following issues:
- Analyze where your product will perform best: in your store, at another retailer’s store, on your website, at the website of another company, or in a combination of various locations. Determine where your product will perform best.
- Consider geographical supply and demand, and whether your product will be available in a specific city, state, country, or even globally.
- Agree on margins, markups, and manufacturer-recommended retail prices with retailers and resellers (MSRP).
- Calculate how many salespeople you’ll need to achieve your objectives.
- Set goals for retail, third-party sellers to avoid disappointment.
Last but not least, it’s time to start marketing your product. It’s important to do this last because you need the product, price, and location as a foundation before selecting promotion strategies, even if it’s the element most closely associated with marketing.
Consider the following promotional channels and select the one(s) that is(are) most appropriate for your product, its buyers, and its price point once you have that understanding:
- Blogging, content production, and other forms of content marketing are all examples of content marketing.
- Designing and developing a website.
- Public relations and collaboration with partners and/or influencers are key components of this strategy.
- Marketing on social networks
- Search engine ads
- TV commercials or ads that appear on video-streaming websites like YouTube.
- Participating in industry gatherings or producing your event is all part of event marketing.
The 4 Ps have been around for a long time. A lot has changed since the introduction of these four marketing mix components in the 1960s. In the age of digital marketing and mobile technologies, some have questioned whether the 4 P paradigm is still relevant.
The 4Ps were changed to the 4Cs to put the customer first rather than the company. Consumer, cost, convenience, and communication are all part of the 4Cs model. The four Cs may have a greater impact on a digital marketing mix than the four Ps in some cases.
- Consumer : Instead of generating things, a company should focus on addressing problems for its customers, according to this business strategy. Consumer behavior and needs have to be studied and interacted with to discover what customers desire.
- Cost : There’s also the time it takes to research and shop around before buying anything. As well as the price of the goods itself, it may also contain the price of the trade-offs that customers are forced to make, such as not making another purchase in exchange for it.
- Convenience : The ease with which customers may locate and acquire a product. Because of the popularity of online marketing and shopping, customers now place a higher value on convenience than on where they shop.
- Communication : A conversation that is equally dependent on the buyer and the vendor. Advertisements, marketing campaigns, as well as public appearances are all included. There are several ways to reach customers in the digital age, including emails sent by brands to customers who have opted in or initiated the contact themselves.
To summarize, by grasping the fundamentals of the marketing mix, you’ll be well on your way to financial freedom. It doesn’t matter if you run your own company or if you are merely assisting in the growth of another company. Profitability is the ultimate goal of business. To achieve this, a good marketing mix plan must be developed. Work your way through your company’s marketing mix to develop a strategy that will help you attract customers, make sales, and expand your firm.
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