What is marketing mix?
Marketing mix refers to the mix of tools companies use to market to its target audience. In its simplest form, marketing mix shapes marketing strategies around product, price, place (or access points), and promotion (4Ps). Comprehensive marketing plans take into account all four factors.
How marketing mix works
Marketing mix draws a direct line between new product development and customer needs and demand. It accounts for how a product is designed, delivered, and promoted, while keeping customers’ perspectives as the top priority.
Marketing mix utilizes all of the quantitative and qualitative data an organization collects on its customers, deploying the data throughout each step in product creation, promotion, sales, and delivery process. Customer data is foundational to marketing mix.
Marketing mix keeps every area of an organization on the same page. Employees involved in production, sales and delivery operate from the same roadmap, which helps create a consistent experience for current and potential new customers. It keeps any of the 4Ps from working in isolation.
Why marketing mix matters
Marketing mix helps organizations better evaluate their ROI by setting out a clear process for product creation and delivery. Organizations know the costs for each step and can tweak their processes based on sales performance.
Gets distribution right
An organization can create a great new product but if it doesn’t identify the right distribution channels the launch will fail. Marketing mix ensures a company identifies up front how it will get its products to customers, whether its through a b2b relationship or direct point of sale.
By looking comprehensively at its processes up front the marketing mix prevents organizations from having to backtrack and fix unanticipated problems, which can drive up costs significantly.