The term “marketing mix” is a historical base model for companies, historically focused on price, product, location, and promotion. Today, the marketing mix is defined as the “composition of marketing resources the company utilizes to pursue its marketing goals in the target audience.”
What Is The Fifth Aspect Of The Marketing Mix?
No longer is this concept confined to the 4P model historically used. There are a fifth, sixth, seventh, or more aspects to consider nowadays. The marketing mix includes a combination of traditional marketing and non-traditional marketing resources, such as digital media, social media, online advertising, customer information management systems, and other forms of marketing and promotional efforts. It is not a set formula; rather, it is the means by which companies determine how to combine and create a unique marketing mix that meets their business goals.
The marketing mix is an important part of effective advertising campaigns and sales strategies. When properly implemented, marketing efforts will target the appropriate audience with the right message at the right time. In essence, it is the science of creating the right marketing mix to reach the appropriate person with the right message. As stated by The Boston Globe, “commercials that generate a lot of interest in fast-moving, high-value products are usually a good choice for advertisers; but for a new kind of consumer, who isn’t looking for a bargain but a solution to a problem, a different sort of campaign may be more successful.”
How It Works
This means using different types of media to reach the right people. While traditional marketing may work well to sell products to families, there are several differences to consider when choosing media to target certain demographics. For instance, television and radio often target teenagers yet only attract adults. For this reason, the Boston Globe suggests that marketers should combine the use of radio and television advertising to reach several different age groups.
Another factor that should be considered when formulating the marketing mix is the use of intangible products or services. In order for a business to increase its sales, it is essential that they have a variety of products or services to promote. However, most companies only put their best foot forward with the traditional marketing mix: television and radio advertisements. The Boston Globe reports that incorporating other types of promotion into their advertising campaign can have a higher return on investment than television and radio campaigns alone.
Using complementary business activities to create a marketing mix also makes good sense. Most companies only choose to advertise with one of the primary media. However, using complementary business activities can provide a unique way to include marketing strategies and techniques without the heavy price tag. Furthermore, as stated by The Boston Globe, “there’s almost always money left over at the end of the year.”
Assembling The Ideal Marketing Mix
The key to a successful marketing mix includes creating a plan, implementing the plan, monitoring the results, and then adjusting the plan as necessary. The first step is to determine which marketing strategies will be implemented. Generally, marketers look to their existing business activities to help them decide what types of advertising will be most helpful in increasing sales. For instance, if many marketers already have websites, then they might want to utilize social media sites and email marketing efforts to generate traffic to their sites. On the other hand, marketers who don’t have websites might look towards local newspaper ads to generate new customers.
Once a marketing mix is decided upon, the next step is to implement the plan. Marketers need to be sure that each marketing strategy is able to add value to the overall campaign. This is why monitoring the results of each strategy is so important. If one type of advertisement isn’t working, then it needs to be adjusted. This can be done with changes in focus, timing, content, or marketing strategies.