Marketing Mix - Explained
What is a Marketing Strategy?
Written by J. Mance Gordon
Updated at April 17th, 2024
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What is the Marketing Mix?
The marketing mix is made up of the 4 Ps of marketing. These include:
- Product - The value proposition being offered
- Price - The price charged for the product
- Place - Where the product will be offered and how it will be offered in the market(s)
- Promotion - How potential customers will be made aware of the business, brand, or product.
What is Marketing Strategy?
In the previous material, we discussed the methods and procedures for developing a competitive strategy. These same strategies can be used to develop a competitive marketing strategy. Recall that the process is as follows:
- Identify potential strategies
- Undertake a SWOT analysis to determine your potential to execute any given strategy.
- Undertake a Porters Five Forces analysis to determine where you stand in the market.
- Use this information to develop or choose a strategy that fits your ability.
Part of the marketing strategy necessary deals with allocating your resources efficiently to achieve your marketing function. The most common and well-known model for strategically allocating marketing resources is known as the 4 Ps or 5 Ps (some break the plan into as many as 8 Ps). The 5 P framework assigns market attributes into one of these five categories in order to employ them in an organized manner. You will allocate your resources consistently with your business strategy.
Related Topics
- What is a Marketing Strategy (Marketing Mix)?
- 4Ps (sometimes 5, 6, or 7 Ps) of Marketing Definition
- Marketing 4 Ps - What is Product?
- Marketing 4 Ps - What is Placement?
- Marketing 4 Ps - What is Price?
- Marketing 4 Ps - What is Promotion?
- Marketing 4 Ps - What is Packaging?
- Marketing 4 Ps - What is Process?
- Elements of a Good Marketing Strategy?
- What is a Marketing Plan?
- Outline for Marketing Plan
- The Mission and Product/Service Statement
- Situation Analysis
- Target Market
- Marketing Objectives and Goals
- Marketing Strategy
- Action Plan
- Budget
- Controls
Related Topics
- Organizational Strategies
- Growth-Based (Expansion) Strategies
- Inorganic Growth
- Organic Growth
- Diversification
- Concentration
- Integration or Combination (Horizontal and Vertical)
- Asset Acquisition Strategy Definition
- Horizontal Integration - Explained
- Backward Integration - Explained
- Internationalization
- Cooperative Strategy
- Consortium Definition
- Stability and Retrenchment Strategies
- Competitive Strategies
- Contestable Market Theory
- Value Disciplines
- Porter's Generic Strategies
- Differentiation (Strategy)
- Commoditize
- Niche Market Strategy
- Long Tail
- Low-Cost Production
- Resource-Based View of the Firm
- Resource Dependency Theory
- Ansoff Matrix
- Customer-Centric Strategy
- Blue Ocean Strategy
- Overfished Ocean Strategy
- Hedgehog Concept (Strategy)
- Innovation Strategy
- Bleeding Edge
- 3 Horizons of Growth
- Disintermediation (Strategy)
- Strategic Alliance
- Coopetition (Strategy)
- Loss Leader Strategy
- Lean Strategy
- Game Theory Perspectives
- Functional Strategies
- Marketing Strategy
- Zero-Cost Strategy Definition
- Mobile First Strategy Definition
- Operational Strategy