What is the marketing mix?
You’ve already heard about the 4Ps if you just read the previous essay on competitor analysis. Let’s go deeper inside it. The marketing mix is the strategies and tactics that a company uses to market its product. Product, price, place, and promotion are the four elements composing the marketing mix. Sometimes words are less efficient than visual images. And in defining the concept of the 4Ps, I think this smartart describes exactly the most important terms and definitions to know regarding this concept.
Now that you know what is included in the 4Ps, you should have noticed that the 4Ps take the point of view of the seller and not the one of the buyer. From the buyer’s point of view, the 4Ps are transformed into the 4Cs. Below is the conversion table.
Buyers don’t see the product as a selling item but rather as a possible solution to their problems. Rather price, buyers see how much they would have to spend to benefit from the product. Sellers try to choose the right places to sell their products in order to make them convenient for buyers. And finally, buyers don’t think about how sellers promote their products, they think it is the way for sellers to communicate with them.
One of the simplest ways I found to make it easy to understand is simply by taking an example of a product that everybody knows: the IPad. Taking examples always helps the understanding, which was the case for me. I remember having difficulties understanding this concept so I looked online and I found this research on the IPad which makes everything easier. The link below presents you a summary of this research.
(if you cannot open the previous file here is the PDF version: The Marketing Mix IPad)