Marketing mix is the set of tools, tactics or elements that go into defining the marketing plan/strategy. Typically they include the 4Ps- product, price, promotion, place. A well articulated strategy for each of these Ps will contribute to a strong marketing plan. They may also be extended to 7Ps including people, process and physical evidence.
A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often refers to a common classification that began as the four Ps: product, price, placement, and promotion.
Effective marketing touches on a broad range of areas as opposed to fixating on one message. Doing so helps reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic decisions when launching new products or revising existing products.
The marketing mix is the combination of actions, strategies, and tactics used by a firm to promote its brand or product in the marketplace. The four Ps of a traditional marketing mix are price, product, promotion, and place. However, in today’s marketing mix, other Ps such as package, positioning, people, and even politics are becoming increasingly essential mix components.
Four Ps of marketing:
Product: Your product is what you sell. It could be a physical item, a service, or a consultation, among other things.
Price: What do you price, and how does it affect your customers’ impressions of your brand?
Place: Where are you going to advertise your product or service? What websites do your ideal consumers visit to learn more about your industry?
Promotion: How do your clients find out about you when you advertise? What methods do you use, and how successful are they?
Although the concept appears straightforward, putting it into practice necessitates selecting multiple options, tradeoffs, and tradeoffs.