A few years ago the term “what is marketing mix” would have elicited a lot of snickers from marketers. It is very difficult to define marketing mix, because every company is unique in its offerings and marketing mix. However, marketers universally agree that a successful marketing mix is one that maximizes the return on investment while minimizing the cost of marketing. In essence, marketing mix is a framework for marketing agencies to develop, fine tune, and implement their offerings in a manner that helps them earn revenue while meeting customer needs and increasing profit margins. The term “marketing mix” has been largely defined as a broad basis model by marketing agencies, historically focused on price, product, place, and advertising.
In recent decades, however, the focus has turned more towards tactics to integrate marketing with other elements. The latest efforts include strategies such as: strategic messaging, social media, data-driven campaigns, and integrated web and mobile elements. Basically, the marketing mix requires marketers to come up with and implement tactics to integrate at least three elements: pricing, brand, and service. Although this sounds like quite the stretch, it is actually not that difficult.
For a start, let us look at the elements themselves. The most basic form of what is marketing mix includes a core offering from the company or brand and an array of complementary offerings from other vendors. Some examples of complimentary elements include: vendor channels, which are services and products offered by the vendor company and sold through the marketing organization; pricing models, which are essentially the same across all products sold by the organization; and service elements, which are typically available on demand from the company’s Web site or through other platforms such as mobile apps. In some cases, the order may involve combining the three elements.
As a case in point, consider a scenario where a large customer acquisitions deal comes up and requires the marketing mix to include some elements from the vendor company as well. In this instance, it makes sense for the vendor to have its own marketing mix in place. However, this is not always practical because the vendor company may not have the financial resources to do so at the moment. In this situation, the marketing mix needs to be developed and integrated in a way that allows for the integration when the time does come.
To develop the appropriate marketing mix for your own company, it is important to identify the four Ps that must be addressed if you want to ensure that you have the winning formula at the right time. These four Ps pertain to the development of the proper strategic alliances and the creation of the appropriate positioning for these alliances. The process will include identifying the customer, identifying the proper channels, developing the pricing strategy, and building the service network.
The implementation of these tactics should be done in tandem with a well developed overall promotion and branding strategy. The combination of tactics should be done in such a way that they build on each other and drive the target audience to participate in your marketing mix. By following these simple steps you can develop an integrated strategy and implement it effectively.