What is a Marketing Mix Definition?
The “what is a marketing mix?” question is one that comes up time and again in many new companies that are started or bought. Marketing mix means everything from the way your company advertises itself to the way you market yourself to your customers. It is the overall concept that a company employs to help it promote its product in such a way that sells.
The marketing mix is an ancient concept that is referred to today as Branding strategy. The term itself is a very basic foundation model to most companies, historically focused on price, product, location, and promotion. The marketing mix is a set of marketing tools the company uses in order to achieve its marketing goals in the target audience. It is typically comprised of five basic areas: Price, Promotion, Branding, Customer Needs and Interests, and Interaction or Relationship building. As previously stated, these five areas work together to support the overall concept of what is a marketing mix.
One of the first questions a new manager asks is what is a mix and how do they compare their company’s offerings against their competitors. This requires a look at each area individually and an understanding of how pricing strategies can affect the mix. Some of the more common pricing strategies include: Price, Promotion, Branding, Customer Needs and Interests, and Interactivity or Relationship building. In some ways, each of these categories is actually a subcategory of what is a marketing mix because each of these areas can be used as a means of driving traffic to a website. Each of these five areas can also be implemented individually or used together as part of a comprehensive approach.
Price includes everything from pricing, product lines, the value of a product or service, and the cost per sale or the ROI. This question is important because it allows marketers to determine the most effective pricing strategies for their offerings. For example, some marketers might find that offering products at a low price point results in lower profits. However, if that same marketer offers products at a higher price point, they might find that there are more conversions.
The second area that marketers need to ask themselves is what is a mix and how can they compare their offerings against their competitors. Depending on the industry, there are various types of promotions that can drive traffic to a site. For example, an airline company might use a coupon program to generate traffic to its website, but a retailer might decide to use public relations or advertising campaigns to increase awareness of its products. Each of these methods can drive traffic to the site and determine the proper mix.
The last area that is included in what is a marketing mix definition is product development. This question is important because it allows marketers to discover whether they have the right type of product development in place to generate enough interest to create profit. Usually, product development involves hiring a consultant or designer to develop the latest version of a product. However, some companies prefer to develop their own products and this is often how smaller firms begin their marketing ventures.