The marketing mix is the term used in the context of marketing, it refers to that mix where the company uses four Ps of marketing that is the product, price, place, and promotion together in its marketing strategy so that no area of marketing is left and consumers get attracted towards the company’s product leading to increase in the sales and profits of the company. In simple words just like mixing the right ingredients while cooking food leads to great food, in the same way, mixing the right marketing Ps leads to great marketing outcomes for the company. In order to get a better idea about this concept, one should look at some of the important features of the marketing mix –
Marketing Mix Characteristics
Equal Weightage to 4 Variables
The first and foremost feature of the marketing mix is that it should give proper weightage to all the four variables rather than giving undue weightage to one variable and ignoring the other variables because all the four Ps that is the product, price, place, and promotion are important as far as marketing is concerned and if the company focuses too much on variable and ignores the other variables than chances are it will lead to failure of the marketing mix. In simple words just like in the case of cooking salt, sugar, spices are needed in proper quantity in the same in case of marketing mix product, price, place, and promotion all are needed in order to make the marketing mix a success.
Permutation and Combination of Marketing Mix
In the case of the marketing mix, the company cannot rely on one combination of mix to be successful rather companies have to keep doing various permutations and combinations in order to be successful as every company is different and that is the reason why each company will have its ideal marketing mix which only company can find out by doing various permutations and combinations.
Interrelated
All elements of the marketing mix are interrelated with each other in the sense that whether its product, place, price, or promotion all are related with each other and any issue in one of them will have an impact on other elements of the marketing mix. Hence for example if the company’s price of the product is reasonable, promotion tactics are also good and the place at which the company is marketing the product is also good but the product itself is substandard than all other three elements will not be able to save the product or for that matter if the product is good, place and promotion are also good but the pricing of the product is set too high then also all other three elements will be of no use.
Marketing Mix requires Flexibility
In the case of the marketing mix company should not be rigid rather it should be flexible enough to change with changing external and internal environment because business is not done in a static environment rather it is done in a dynamic environment that requires flexibility on the part of the company. Hence for example if the company is thinking of launching a product in 6 months at a particular price using social media marketing as a promotional tactic but after 6 months the social media marketing dynamics change and is not in favor of the company’s product then the company should be flexible enough to use television marketing or radio marketing for its product rather than sticking to its previous plan.
Sync with Goals and Objectives
A marketing mix of any company is created keeping in mind the overall goal and objective of the company in order to achieve greater results for the company. Hence for example if the goal of the company is to create a quality product that is expensive but is meant for premium customers then a marketing mix should be created keeping in mind this objective and pricing of product should be kept high and promotional tactics should also be aimed at premium customers rather than devising a marketing strategy for general public or customers.
As one can see from the above that the marketing mix has some unique characteristics and that is the reason why no company should ignore this aspect rather they should aim to achieve the right marketing mix so that company achieves success in the long run.