A marketing mix strategy is one of the most important strategies in marketing there is! It’s also one of the most misunderstood. Many people use it, but they don’t understand what components make up each model nor do they know how to apply them effectively.
A lot of times, marketers will put together an example mixture of products and services, and though it seems logical, it doesn’t seem like it would work. This is why it can be so hard to implement a successful marketing mix strategy- you have to think outside the box and test theories to see if they work before investing more time into making sure everything works.
That’s where things get tricky. What makes sense to you may not make sense to your market or their needs! As such, you may need to change parts of your model to make it more effective.
This article will go over all the pieces of the marketing mix strategy model with you. I will include examples using actual brands to show how these pieces fit into different models as well as insights and tips for applying them. So let’s get started!
Marketing Mix Strategies
The term “marketing mix” was first coined by David M. Hall and Albert J. Wesselman in their book The Hidden Power Of Productivity (1978). Since then, it has become one of the top keywords used in marketing research.
The term “marketing” refers to all of the activities that brands perform to connect with their customers. These include advertising, marketing strategies, promotional methods, etc.
The most basic form of marketing is called Advertising. Advertisements are messages aimed at capturing or grabbing attention from potential consumers.
Advertising usually costs money, but it can be worth it. For example, advertisements for new products often gain market share due to word-of-mouth promotion. (This type of advertisement was popular before social media sites like Facebook and Twitter.)
Another way to use advertising is as brand awareness. Creating advertisements or other content designed to spread knowledge about your product helps build recognition for it. This benefits you in two ways: by increasing consumer interest and supply and by enhancing perception of the company name and image.
Market research and understanding how different types of ads work is an important part of producing effective advertisements. A well planned ad will get more results than one made under time constraints.
There are five main components in marketing that play an integral part in successful marketing strategies. They’re called the “5 Ps” of marketing. These include: product, price, place, promotion, and person.
The first two – product and price - make up what we refer to as the Product Element. By having products that appeal to your target audience, you can influence their buying decisions for your brand or company.
By knowing how much each individual cost, you can determine how much value they bring to your business. This way, you know if it was worth investing in them!
The third element is place. As mentioned before, being aware of where your potential customers live is important when promoting your product or service. Finding out which areas need improvement will help you come up with creative ways to advertise and promote yourself.
Fourth, there is the Promotion Element. This includes things such as advertisements, direct mail pieces, videos, etc. That is not only used to reach new people, but also to keep current ones listening.
And lastly, the Person Element comes into play here. Having someone who knows about your business mentor others in the field is very helpful. They can teach others tips and tricks for running their own business.
The marketing mix strategy model was first introduced in 1982 by Roger Martin, an advertising executive. He defined it as a framework for understanding how marketers use different types of media to achieve their goals. Since then, this model has become one of the most well-known when it comes to explaining marketing strategies.
The nine components of the model include products or services, place, price, promotion, distribution, messages, communication, and performance (or what he calls “effects”). Each element is linked to each other, making the model very explanatory.
You can apply the 9P model to any type of business; however, it is particularly helpful for those who are new to marketing. By taking time to understand the individual parts of the model, you will be able to create effective campaigns more quickly.
Below, we will discuss all of the elements of the 9P model in detail and show you some examples of ways that you can use them in your own campaign.
A marketing mix is your combination of tools, products, and strategies that include doing business (marketing) and promoting your product or service. With each component of the market mix in place, you can begin to create effective campaigns for your company.
The term “mix” comes from the word mixture, which means combining different components to achieve a specific goal. For example, when mixing sugar with water, you have what we refer to as a solution. By adding more sugar to the water, you are creating a greater amount of solution, which will lead to higher solubility of the powder and therefore, stronger sugary drinks!
A marketing mix is no different. When planning an advertising campaign, you must have all three elements- media, messages, and activities- in order to succeed.
Media is the platform where your advertisement appears, such as television, magazine ads, billboards, etc. Messages are the content of your advertisements, such as testimonials, benefits of using your product, etc. Activities are what you use the media to promote; for instance, having a grand opening event or offering special discounts only through social media channels.
When designing your marketing mix, remember to evaluate how well each element works together and contributes to your overall success. Your initial cost per exposure may be high, but could help your business grow over time, as it attracts new customers.
The first step in using marketing mix strategy is to identify your target market. What types of products or services do they want? What messages does he or she need to hear?
You can use this information to determine what type of marketing mix strategies you should use. For example, if your target audience wants more educational material about how to cook, then teaching yourself or buying a few recipes books may be the best bet.
If they want tips for staying fit, then offering fitness classes or nutrition advice could win them over. And if they want answers related to career changes, then hiring a consultant or giving them free informational materials about their options might win them over.
The next step in your marketing mix strategy is creating a formal, systematic approach to marketing. This is what we refer to as a “marketing plan”. A good way to think about it is like a roadmap for how to reach your business goal.
Your marketing plan should include the following components:
Target market analysis (TMA) – Who are your target customers? What qualities do they need to feel comfortable buying from you? Are there any that you can be or have been, so far, that don’t fit well with your product or service?
– Who are your target customers? What qualities do they need to feel comfortable buying from you? Are there any that you can be or have been, so far, that don’t fit well with your product or service? Product -What products or services do you offer that are unique enough to get people's attention?
-What products or services do you offer that are unique enough to get people's attention? Message -What will be the main message of value you will convey to your audience
– What will be the main message of value you will convey to your audience Media -Which media do you already use to communicate? Social media, print ads, radio, TV, etc.
– Which media do you already use to communicate? Social media, print ads, radio, TV, etc.
As you can see, creating a marketing mix strategy is more than just picking one element over another. It’s about developing your personal branding so that people recognize you as an expert in your field.
Your brand is what others perceive when they view or talk about you for the first time. It includes things like your tone, style, and personality. What you say and do matter!
As you develop your own branded content, make sure it represents you. Your messages should clearly convey who you are and what you stand for.
Keep experimenting with ways to communicate yourself through writing, social media postings, videos, and other forms of content. When doing so, keep your message consistent across all platforms.
This will help give your audience know you as someone who knows what you're talking about and trusts their statements.
The next step in your marketing mix is choosing what channel you will use to spread your message about your product or service. This decision comes down to two things: effectiveness of the channel, and availability of the channel to perform its function (i.e. cost).
Some channels are more effective at producing conversions than others. For example, people visit websites for products and services more frequently than they visit stores. By using both direct and indirect routes to reach an audience, every tactic can be important in creating action.
There are many ways to promote your business through online media. You can create blogs, do social media promotions, add listings to sites like Google and Facebook, increase website traffic via SEO, start a YouTube channel, and so on.
Finding the right balance of channels that work for you depends on your budget as well as the goals of your company. Direct advertisements such as billboards or flyers are usually less expensive, but may not be the most effective way to market your business.