The marketing mix - EduqasInform and implementing business decisions

The marketing mix is the main tool a business uses to implement its marketing strategy. A marketing strategy is a plan for how to identify, anticipate and satisfy customers’ needs in the most profitable way possible. Considering the four elements of the marketing mix – product, price, place and promotion – helps businesses to implement their marketing strategy effectively.

The marketing department is the main department that is responsible for implementing the marketing mix. However, other departments also use the marketing mix. For example:

• The finance department will want to ensure that prices are set at the level that will make the most profit.
• The sales department will want to ensure that promotions are effective, that prices allow them to maximise sales, and that distribution - which is an aspect of place - is completed properly.
• The operations department will be most concerned with the product element of the marketing mix. It must ensure that the business produces products that will enable it to maximise sales without spending too much money on quality assurance.
• The operations department will also be concerned with the place element of the marketing mix. It must ensure that distribution channels are able to operate effectively and that products are being sold in the most profitable locations.

All departments use the marketing mix to ensure the business can achieve its overall aims and objectives. If departments do not do this, the business is likely to miss out on key elements that may affect its success.