what is marketing mix?

Answer 1

The marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the "mixing" or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained. The model was developed by Neil Borden (Borden, N. 1964) who first started using the phrase in 1949. Borden claims the phrase came to him while reading James Culliton's description of the activities of a business executive:

(An executive is) "a mixer of ingredients, who sometimes follows a recipe as he goes along, sometimes adapts a recipe to the ingredients immediately available, and sometimes experiments with or invents ingredients no one else has tried." (Culliton, J. 1948)
When blending the mix elements, marketer(s) must consider their target market. They must understand the wants and needs (see Maslow) of the market (customer) then use these mix elements in constructing (formulating) appropriate marketing strategies and plans that will satisfy these wants. The mix must also meet or exceed the objectives of the organization. As Borden put it,"When building a marketing program to fit the needs of his firm, the marketing manager has to weigh the behavioral forces and then juggle marketing elements in his mix with a keen eye on the resources with which he has to work." (Borden, N. 1964 pg 365). A separate marketing mix is usually crafted for each product offering or for each market segment, depending on the organizational structure of the firm. Borden goes on to suggest a procedure for developing a marketing mix. He claims that you need two sets of information; a list of important elements that go into the mix, and a list of forces that influence these decision variables.

Answer 2

The marketing mix usually refers to the 4 Ps, although people have added in more.

The 4 Ps are:

- Product
- Place (channels of distribution)
- Promotion (communications)
- Price

If you go to 5 Ps, you add People, and you get 6 Ps with Process.

These are the elements of marketing a product or service you must consider:

- what product or service am I selling?

- how am I going to get it / them into the market so that they are readily available?

- how will my target audience get to hear about it / them?

- how much will I charge?

- how do I get the buy-in of the implementers / stakeholders?

- which processes should I use / develop to deliver the other 5 Ps?

This is just the start of the marketing process, as each element of the marketing mix has additional elements. For instance, Product takes you into new product development, product commercialisation, product optimisation, product withdrawal etc.. Similarly, Promotion needs to be broken down into advertising, websites/search engine optimisation, direct mail, PR, exhibitions / trade shows, telemarketing etc..

Answer 3

It is the mix of marketing tools that a company uses.
Example: Radio, Direct Mail, Tradeshows.
Check out ( http://www.salesandmarketinghelp.com )
They have a great "marketing terms" section.