What is a marketing mix?

With the right combination of marketing tools, you can achieve your marketing goals and improve business results. This combination is known as the marketing mix. By marketing tools, we mean the resources you use to achieve your marketing objectives. Commonly used marketing tools are the 7 Ps: product, price, place, promotion, people, process, and physical evidence. The marketing mix is important for organizations because it helps them effectively market and sell their products or services.

A brief description of the 7 Ps:

1. Product, this is the actual product or service offered to the customer
2. Price, this is the amount charged for the product or service
3. Place, this is the location where the product or service is sold or distributed
4. Promotion, this is about the methods used to bring the product or service to the customer’s attention
5. People, this is about the individuals involved in delivering the service or product, including their knowledge, skills, and attitude
6. Process, this is about he procedures, systems, and steps followed to deliver the product or service to the customer
7. Physical evidence, this is about the tangible elements that contribute to the customer’s perception of the service, such as store layout, packaging, or the appearance of the product

The use of each of these marketing tools and their interactions depend on your goals, the market, your target audience, and the competition. You use the marketing mix to:

• shape the strategic marketing plan.
• determine the positioning of a product or service
• improve competitive positioning
• evaluate your company's performance

By aligning the right combination of marketing tools with the needs and expectations of the target market, an organization can successfully position its products or services in the market and strengthen its competitive position.

Sustainable success through manageable and controlled growth

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The comprehensive ICR cycle