Marketing mix

The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."

These four P's are :

Product: This represents the physical or intangible offering that a company provides to its customers. It includes the design, features, quality, packaging, branding, and any additional services or warranties associated with the product.

Price: Price refers to the amount of money customers are willing to pay for the product or service. Setting the right price is crucial, as it not only affects the company's profitability but also influences consumer perception and purchasing decisions.

Place (Distribution): Place involves the strategies and channels used to make the product or service accessible to the target market. It encompasses decisions related to distribution channels, retail locations, online platforms, and logistics.

Promotion: Promotion encompasses all the activities a company undertakes to communicate the value of its product or service to the target audience. This includes advertising, sales promotions, public relations, social media marketing, and any other methods used to create awareness and generate interest in the offering.^[1] The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".^[2]

Marketing theory emerged in the early twenty-first century. The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in 1984.^[3] In services marketing, an extended marketing mix is used, typically comprising 7 Ps ( product, price, promotion, place, people, process, physical evidence), made up of the original 4 Ps extended by process, people and physical evidence.^[4] Occasionally service marketers will refer to 8 Ps (product, price, place, promotion, people, positioning, packaging, and performance), comprising these 7 Ps plus performance.^[5]

In the 1990s, the model of 4 Cs was introduced as a more customer-driven replacement of the 4 Ps.^[6] There are two theories based on 4 Cs: Lauterborn^[who?]'s 4 Cs (consumer, cost, convenience, and communication), and Shimizu^[who?]'s 4 Cs (commodity, cost, channel, and communication).

The correct arrangement of marketing mix by enterprise marketing managers plays an important role in the success of a company's marketing:^[7]

Develop strengths and avoid weaknesses
Strengthen the competitiveness and adaptability of enterprises
Ensure the internal departments of the enterprise work closely together

^ McCarthy, Jerome E. (1964). Basic Marketing. A Managerial Approach. Homewood, IL: Irwin.
^ Kotler, P., Marketing Management, (Millennium Edition), Custom Edition for University of Phoenix, Prentice Hall, 2001, p. 9.
^ Grönroos, Christian. "From marketing mix to relationship marketing: Towards a paradigm shift in marketing." Management decision 32.2 (1994): 4-20.
^ Booms, Bernard H.; Bitner, Mary Jo (1981). "Marketing Strategies and Organization Structures for Service Firms". Marketing of Services. American Marketing Association: 47–51.
^ Kotler, Philip (2012). Marketing Management. Pearson Education. p. 25.
^ Needham, Dave (1996). Business for Higher Awards. Oxford, England: Heinemann.
^ Mintz, Ofer; Currim, Imran (2013). "What Drives Managerial Use of Marketing and Financial Metrics and Does Metric Use Affect Performance of Marketing-Mix Activities?". Journal of Marketing. 77 (2): 17. doi:10.1509/jm.11.0463. S2CID 168019396.

[1] McCarthy, Jerome E. (1964). Basic Marketing. A Managerial Approach. Homewood, IL: Irwin.

[:0-2] Kotler, P., Marketing Management, (Millennium Edition), Custom Edition for University of Phoenix, Prentice Hall, 2001, p. 9.

[3] Grönroos, Christian. "From marketing mix to relationship marketing: Towards a paradigm shift in marketing." Management decision 32.2 (1994): 4-20.

[Booms_1981_47–51-4] Booms, Bernard H.; Bitner, Mary Jo (1981). "Marketing Strategies and Organization Structures for Service Firms". Marketing of Services. American Marketing Association: 47–51.

[Kotler_2012_25-5] Kotler, Philip (2012). Marketing Management. Pearson Education. p. 25.

[Business_for_Higher_Awards-6] Needham, Dave (1996). Business for Higher Awards. Oxford, England: Heinemann.

[7] Mintz, Ofer; Currim, Imran (2013). "What Drives Managerial Use of Marketing and Financial Metrics and Does Metric Use Affect Performance of Marketing-Mix Activities?". Journal of Marketing. 77 (2): 17. doi:10.1509/jm.11.0463. S2CID 168019396.

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