Key facts about the marketing mix
The marketing mix consists of:
- product
- price
- place
- promotion
It helps businesses achieve their aims by creating a cohesive strategy to increase sales.
Each element must be balanced and consistent with the others to ensure the success of the marketing campaign.
How can the marketing mix helps businesses to achieve objectives?
What is the marketing mix?
The main purpose of marketing is to increase sales. To do this, businesses create a Planned activities designed to increase awareness or sales of a product or service. by integrating the elements of the A description of marketing–product, price, promotion, place. - product, price, place and promotion.
Think of a marketing strategy as a cake that is baked using four ingredients. If the ingredients are mixed together in the right way, then the marketing campaign is more likely to be successful.
If one of the ingredients is not mixed in the right quantity, then the chances of success are lower.
Forgetting about one of the ingredients completely means the cake, or marketing campaign, is unlikely to succeed.
How can the elements of the marketing mix work together?
Each element of the marketing mix influences the others, so the messages across all elements need to be consistent. For example, a business selling luxury cruises to people who are retired would be unlikely to do well by The method by which goods or services are promoted to their potential consumer base. them at very low prices, in magazines aimed at teenagers.
The need for consistency means that sometimes businesses have to compromise when making decisions about the different elements.
| Element | How it influences product | How it influences price | How it influences place | How it influences promotion |
|---|---|---|---|---|
| Product | If the product is expensive to produce, the price will have to be higher | If the product has to be tried on, it may be most successful if sold from a shop | A new product may need more promotion than an established product | |
| Price | If the price needs to be low, the quality of the product may be affected | It would not be advisable to sell expensive products through discount retailers | Expensive products may be best suited to being promoted with a free gift | |
| Place | A product sold in luxury outlets needs to be high quality | A product that is sold cheaply may be sold in discount shops | A product that is only sold online may need a different approach from one sold in shops, eg more information about the product | |
| Promotion | A buy-one-get-one-free offer would not be suitable for an expensive product | Promotions can be used to reduce the cost of products that have a high price | A promotional campaign that used national media would require the product to be available nationally |
What are the ‘four Ps’ of the marketing mix?
The marketing mix consists of four different elements, which are known as the ‘four Ps’:
product
price
place
promotion
These elements need to work together if a business is to sell its products or services successfully.
Try the marketing mix quiz
Final check:
Explain why consistency across the four Ps is crucial for a successful marketing campaign.
Consistency across the four Ps—product, price, place, and promotion—is crucial because each element influences the others. For example, a luxury product requires a high price, which in turn means it should be promoted and sold in a way that reflects its premium status. If these elements are not aligned, the marketing campaign is less likely to succeed.
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