What is a marketing mix strategy? The marketing mix strategy is basically a set of tactics that companies use to promote their products in the market. The 4Ps make up what you call a typical marketing mix - Price, Product, Promotion, and Place. However, nowadays, it's common for this list to be expanded with other Ps like Packaging or Positioning, elements that have become vital components of today's competitive landscape and contribute significantly to customer satisfaction levels on all fronts.
Price: Some pricing strategies are flexible and can be adjusted to meet fluctuations in supply-demand or changes in the market. There is no single best strategy for a company because each has its advantages and disadvantages depending on your goals. Price points also dictate how much profit you make, which means that they have an outsized impact on other business decisions like marketing budgeting.
Product: Product is the singular most important piece of any successful marketing campaign. A product that doesn't deliver on a minimum level, in other words, can't be sold and compete with similar products from competitors, does not matter how well you position it or advertise it if no people are willing to buy what's being offered.
Place: The best retail locations have a specific set of different characteristics than other less desirable spots. These features include easy access to foot traffic, visibility, and accessibility from surrounding buildings, being near an office or home base for shoppers who may be traveling into town on business or leisurely seeking entertainment in their free time.
Promotion: Promotion can be a complicated process, but the end goal is to make your product or service known. This includes advertising, word-of-mouth marketing, and press reports that will help spread awareness of what you have available to offer. It also involves incentives for trade partners such as commissions and awards to get their attention too!
The marketing mix is the most important aspect of any company's success. It involves four key elements, which are advertising, pricing, placement, and distribution. Without an understanding of how each element influences one another or a great plan in place to understand these connections, it can take years for a business to recover from mistakes that could be avoided with consultation and proper planning between all parties involved- like users, trade partners etcetera
