What is Marketing Mix?
What is the marketing mix? The marketing mix is the general term used for the mix of elements that any company would need to successfully sell or market their products. The term marketing mix was first established by Cornell University academicsorman Sprigg and Herb Lewis in their book Marketing Research: An Identification Approach (revised ed.). The original definition of the term marketing mix had been more inclusive of elements but the two professors wanted to include marketing as a discipline independent from other disciplines such as advertising.
The original marketing mix had been developed to help companies make strategic decisions about what products to develop and distribute to their target markets. In their definition marketing mix is “the aggregation of all the elements necessary to realize a company’s marketing objective”. Marketing is an ongoing activity and no activity is completed in a day. Mixing and matching the right elements in the right time is the essence of marketing mix. However, marketing is also a process.
Companies will take advantage of a marketing mix strategy when a competitive analysis shows that there are gaps in the market. These gaps could be based on geography, market segments, country, age, product type or several other factors. Companies will then look to address these gaps through a series of activities.
The first step in any such activity is market research. This is where the company will conduct market research either through surveys or focus groups. It is during this stage that companies will be able to define what their target markets are and how best to reach out to these markets. After market research has been conducted, companies can then set up the right time and place to launch their marketing mix strategy.
One very important element in the marketing mix is price point. Price point relates to the cost to introduce new customers and sell existing ones. Most companies will launch their marketing mix in countries where similar products and services are sold at similar prices. However, some companies will choose to launch in different countries at different price points.
Once all these elements are set up, a marketing mix strategy is launched. Tactics will depend on the nature of the target market and the nature of the company. Companies that target the young generation, for example, will have a number of digital marketing tactics including social media marketing strategy, video marketing strategy and mobile marketing strategy. A company that targets the elderly will have different tactics than one that targets the middle aged and older group of people. However, all companies need to have a marketing mix that makes sense for them and their target market.