Marketing Mix - Introduction
This chapter presents the concept of the marketing mix, along with examining its importance within modern day marketing. The chapter explains each element of the marketing mix in detail (Product, Place, Price, Promotion, People, Process & Physical Evidence). This is then proceeded with segmentation, targeting and positioning which provides guidance on how a unique positioning strategy is devised based on the selected target markets.
After completing this chapter, you should be able to;
- Understand the concept of marketing mix, including the 7 Ps
- Understand the significance and usage of the different types of market segmentation
- Analyse what types of target marketing strategies are appropriate in each situation
- Determine how brand positioning is planned by identifying its impact on the customers and other stakeholders of the organisation
Marketing mix is simply placing the right product in the right place for the right customer at the right price. There is no universal definition of what is right, it is instead a relative concept and depends on the nature of the product and organisation’s skills and resources. Marketers must have a detailed idea of the business plan in order to devise an effective marketing mix for the organisation.
The significance of the marketing mix lies in the fact that it lays the foundation of the concepts in marketing. It determines how a company’s product or service offering is designed and delivered to the customer by clearly definition all the elements involved.
Segmentation, Targeting and Positioning
This process is a familiar strategic approach within modern marketing and the STP model is extremely useful when creating a marketing communications plan as this helps marketers to prioritise and shape relevant messages to engage with the audience they wish to target their campaign towards.