What is the marketing mix? The term “media mix” refers to a framework for organizations, historically centered on price, product, location, and promotion. The media mix has recently beendefined as “the set of marketing instruments that the company uses to achieve its marketing goals in the target audience”. In recent times, some marketers have use the phrase “active consumer marketing” to describe what is essentially the mix.
If you are just starting out, you may not have a clear understanding of what is the marketing mix. In this article, we will discuss four important aspects that define this marketing tool. First, it should be noted that the marketing mix is not static. Instead, it changes depending upon your organization’s goals, needs, and circumstances. Below, we will discuss four primary components of the mix.
Distribution System One of the primary components of the marketing mix is your distribution system. It includes all the channels from where your product is sold, including retail, online, telemarketing, direct mail, and other sales channels. Your strategy for distributing will impact both your sales and your budget. As part of your overall strategy, you will need to determine your pricing strategy and whether to leverage your distribution system to increase your sales volume.
Price Strategy As mentioned above, one of the four Ps for marketing mix is determining your overall marketing price. This includes determining whether to use cost-per-click (CPC), cost-per-impression (CPM), or a combination of the two to optimize your return on investment (ROI). Additionally, you will want to consider whether your pricing is consistent with your goals and strategies, as well as whether you will need to adjust your pricing strategy as a result of your goals and strategies.
Marketing mix and distribution channels You will also need to consider your marketing strategy and any corresponding distribution channels to understand how these elements will impact your results. For example, if you are attempting to reach an international audience, it is likely that you will choose to use different distribution channels than if your target audience is local. Different countries have varying access costs, availability of product sources, and formatting requirements. For this reason, you will want to carefully consider whether your target audience is local or global. In addition, it is important to consider what types of media and other resources you will use to maximize your reach.
Extended Marketing Mix Finally, it is important to consider your extended marketing mix strategy. This includes any offline promotions you will implement, such as event promotion, print advertising, or other promotional opportunities. This extended mix can vary greatly based on your goals and objectives, your location, and your level of success. This mix is important because it gives you a baseline of resources to help build your business as well as a resource pool to help execute other strategies you may want to launch in the future. Understanding your overall objectives, the resources available to you, and your competitors’ strategies will help you formulate a plan to implement an effective marketing mix.