What is a Marketing Mix and why do I care?
The Marketing Mix is probably the most famous marketing term. The term became popular after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940’s after James Culliton had described a marketing manager as a “mixer of ingredients.”
The marketing mix set a set of controllable, tactical marketing tools that work together to achieve company’s objectives. These controllable tools are the four Ps of marketing: Product, Price, Place and Promotion. These four Ps are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment.
The goal is to make decisions that center the four Ps on the customers in the target market in order to create perceived value and generate a positive response. Think of it like baking a cake. Flour, eggs, sugar and butter are the ingredients for the cake. Mixing them with the right measurements will produce a not-too-sweet soft moist cake. But if you add more sugar or separate the egg whites and make soft peaks, the cake will turn out different – a sweeter and lighter cake.
Over the coming weeks I will go more in depth of each aspect of the Marketing Mix. I actually took a cake decorating class recently and have been experimenting with different cake icing flavors and what to decorate. Just when you think you have the “right” mix, your can add something different and see how your customer (target market) reacts to it. These split tests can help your marketing mix to better match your intended audience.
Marketing Mix It Up,