marketing mix in a business plan

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What Is a Marketing Mix?

What are the 4 ps of a marketing mix, what are other marketing tools, what are the four elements of a marketing mix, what are the 7 ps in a marketing mix, what is the purpose of a marketing mix, the bottom line.

• Marketing Essentials

Marketing Mix: The 4 Ps of Marketing and How to Use Them

Investopedia / Mira Norian

A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan . The term often refers to a common classification that began as the four Ps : product, price, placement, and promotion.

Effective marketing touches on a broad range of areas as opposed to fixating on one message. Doing so helps reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic decisions when launching new products or revising existing products.

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Key Takeaways

• A marketing mix refers to a framework that uses the four Ps of product, price, placement, and promotion.
• This concept traces back to 1960, when marketing professor E. Jerome McCarthy first published it in a book entitled Basic Marketing: A Managerial Approach.
• The different elements of a marketing mix work in conjunction with one another with the ultimate purpose of generating higher sales.
• In addition to the 4 Ps, three approaches can also be integrated that include people, process, and physical evidence to reinforce a consumer-centric type of marketing strategy.
• This type of strategy extends beyond a product-focused marketing approach.

The four Ps classification for developing an effective marketing strategy was first introduced in 1960 by marketing professor and author E. Jerome McCarthy. It was published in the book entitled Basic Marketing: A Managerial Approach. Depending on the industry and the target of the marketing plan, marketing managers may take various approaches to each of the four Ps. Each element can be examined independently, but in practice, they often are dependent on one another. 

This represents an item or service designed to satisfy customer needs and wants. To effectively market a product or service, it's important to identify what differentiates it from competing products or services. It's also important to determine if other products or services can be marketed in conjunction with it.

The sale price of the product reflects what consumers are willing to pay for it. Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on consumers' perceived quality or value is known as value-based pricing .

Value-based pricing plays a key role in products that are considered to be status symbols.

When determining areas of distribution, it's important to consider the type of product sold. Basic consumer products, such as paper goods, often are readily available in many stores. Premium consumer products, however, typically are available only in select stores.

Joint marketing campaigns are called a promotional mix. Activities might include advertising, sales promotion, personal selling, and public relations. One key consideration is the budget assigned to the marketing mix. Marketing professionals carefully construct a message that often incorporates details from the other three Ps when trying to reach their target audience . Determination of the best mediums to communicate the message and decisions about the frequency of the communication also are important.

Not all marketing is product-focused. Customer service businesses are fundamentally different than those based primarily on physical products, so they often will take a consumer-centric approach that incorporates additional elements to address their unique needs.

Three additional Ps tied to this type of marketing mix might include people, process, and physical evidence. "People" refers to employees who represent a company as they interact with clients or customers. "Process" represents the method or flow of providing service to clients and often incorporates monitoring service performance for customer satisfaction. "Physical evidence" relates to an area or space where company representatives and customers interact. Marketers take into consideration elements such as furniture, signage, and layout.

Additionally, marketers often study consumers in order to refine or update strategies related to services or products. This requires a strategy for communicating with consumers in order to obtain feedback and define the type of feedback being sought.

Traditionally, marketing commences with identifying consumers' needs and ceases with the delivery and promotion of a final product or service. Consumer-centric marketing is more cyclical. Its goals include reassessing customers' needs, communicating frequently, and developing strategies to build customer loyalty .

The four primary elements of a marketing mix are product, price, placement, and promotion. This framework aims to create a comprehensive plan to distinguish a product or service from competitors that creates value for the customer. Often, these elements are dependent on each other.

Product refers to a good or service that meets a customer's needs. Here, companies focus on features that differentiate it from its competitors. An organization may also consider complementary products that fit within its suite of product or service offerings.

Price represents the price point or price range for the product or service. Ultimately, the goal is to maximize profit margins and return on investment while considering the price that customers are willing to pay.

Placement refers to distribution channels. Specifically, where is this product being promoted, and how can you get it in front of your target audience?

Promotion focuses on creating brand awareness around your product or service. Importantly, it looks at how utilizing certain channels can drive sales.

Sometimes, the marketing mix can extend beyond the classic four Ps of product, price, placement, and promotion established by professor E. Jerome McCarthy in 1960. These additional categories include people, physical evidence, and process.

In this way, people represent the employees who interact with customers. A company may consider company culture as it relates to its brand strategy. This may include customer relationship management (CRM) , which aims to increase brand loyalty among customers.

Physical evidence might include the packaging or the layout of a physical store, which can reinforce a brand and create more value to the customer.

Finally, the process identifies areas, often from a logistical standpoint, that enable the customer to have the most seamless experience possible with a product or service. This may include everything from delivery logistics and shipping to managing third-party retailers.

At its core, a marketing mix is focused on promoting a product or service to generate revenue for a company. On the whole, it integrates key marketing strategies that create brand awareness, build customer loyalty, and drive product sales.

The development of a comprehensive, effective marketing plan takes into consideration a marketing mix that includes several areas of focus. Typically, the marketing mix refers to the four Ps: product or service, its price, placement, and promotion. This concept was developed in 1960, when marketing professor E. Jerome McCarthy first published it in a book entitled Basic Marketing: A Managerial Approach.

However, because not all marketing is focused on products, customer-service businesses rely on other marketing tools that might include three additional Ps: the people who interact with customers, the process that creates a seamless customer experience, and physical evidence, or the area where customers and company representatives interact.

All of these tools are used to promote a product or service and build brand awareness and customer loyalty in order to generate revenue for a business.

E. Jerome McCarthy. " Basic Marketing: A Managerial Approach ," Page vi. R.D. Irwin, 1960.

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Marketing Mix Examples: The Building Block of a Successful Brand

Learn about marketing mix and its examples through advertising campaigns of various leading brands..

• overview#goto" data-overview-topic-param="what">What is marketing mix?
• overview#goto" data-overview-topic-param="origination">Origination of the 4P's
• overview#goto" data-overview-topic-param="important">Why is marketing mix important?
• overview#goto" data-overview-topic-param="examples">Examples of marketing mix
• overview#goto" data-overview-topic-param="7">7P's of marketing mix
• overview#goto" data-overview-topic-param="why">Why is it important?
• overview#goto" data-overview-topic-param="write">Best practices to write marketing mix

Marketing mix can make or break a product’s success. We have put together the best marketing mix examples of leading brands for your understanding and a guide to help you craft an effective marketing mix strategy for your brand.

What is Marketing Mix?

Let's start with the Marketing mix definition before moving on to the guide.

A marketing mix is a blend of business strategies brought into execution that make up the overall marketing strategy for a product.

Typically, marketing mix collectively includes the 4 Ps of marketing: product, price, place, and promotion.

With dynamic changes in the business environment, these four Ps were further expanded into the 7 P's of marketing mix to include: people, process, and physical evidence. 

The intersection of these factors leads to the formation of a distinct marketing strategy that is tailored for a brand. Having a marketing mix that is compatible with your brand values is crucial for the success of a company. 

Origination of the 4 P's of Marketing Mix

Prof. James Culliton was the first one to mention the marketing mix in the late 1940s. Later his colleague, Neil Broden published an article - The concept of the marketing mix .

Jerome McCarthy first introduced the concept of the 4 P's of marketing mix in his book “Basic marketing: A managerial approach”.

Why is Marketing Mix important?

Imagine if Tiffany diamonds were sold in Walmart.

Or McDonald’s was located in remote locations.

Or Red Bull was advertised on a kid’s Television channel.

Or an artist was the brand ambassador of Nike.

This would have gone terribly wrong, and these brands might not even be in the market today. 

The slightest angle change in a marketing mix can tremendously impact the market you are targeting. Every element must be selected carefully after rigorous market research and analysis.

A right marketing mix ensures you are -

creating a product that solves a problem

selling it at the correct price

promoting it to your target customers

distributing it at a place easily accessible by the consumers

All these factors need to work in tandem to ensure the creation of a well-oiled marketing engine.

Is Marketing Mix rigid in nature?

The marketing mix isn’t set in stone. It ebbs and flows in alignment with the dynamic changes in the business environment and company growth. Often a company might test various combinations of the marketing mix elements to settle on marketing tactics that give the highest returns.

With that let’s dive into the world of marketing mix with marketing examples from leading brands around the world to give you a practical understanding.

4 P's of Marketing Mix with Examples

A marketing plan must be based on thorough market research and analysis of the many factors of marketing. A marketing design without a solid blueprint is like aiming in the dark, you’ll never hit the target. Understanding the 4 P’s of marketing is crucial for devising a marketing scheme that hits home.

Here are the 4 P's of marketing mix with examples.

Product Marketing Mix

Product is at the core of all marketing strategies. The product attributes don’t only refer to tangible goods but also intangible service products and ideas. It is what a company has to offer to its customers.

A great product is at the center of a brand’s success. Noteworthy marketing tactics can get the product in front of the target customers and get them to try it once, but after that, the product is on its own. The product must have the potential to survive and thrive in the market.

The product must solve customers’ problems efficiently, and better than others in the market, otherwise, customers won’t buy it. The question is, what’s in it for them?

Product marketing refers to product benefits, market research, product features, design, quality, technology, and warranties.

To develop a product mix, a marketing manager takes into consideration the following questions:

Who is your target market?

What are their pain points or problems?

What quality product are they looking for?

What is your competitor’s offering?

How can you gain a competitive advantage over them?

How large is the target market?

What pain point are you solving?

Which product features and benefits solve that problem?

Apart from the above checklist, feedback from the customers about what they like or dislike about the product is taken further to mold the product to suit their needs.

This will help you craft customer-centric marketing instead of product-centric.

Product Marketing Mix Example

Apple 's unique selling proposition is its product marketing mix by producing products with innovative features, advanced technology, and sleek design. From their iconic iPhones to their ingenious MacBooks, Apple’s products are the perfect combination of form and function. Apple’s product mix includes more than just hardware. Their services and add-ons make their products irresistible. Customers have access to the world of entertainment and convenience with iTunes, iCloud, and Apple Music.

Apple treats its customers like a kind by providing a simple user interface, exceptional support, and warranty claims. Apple is a legendary marketing example everyone must take notes from.

Source: Apple Website

Source: Unsplash

Price Marketing Mix

Price is the money paid by the customers to own, access, or avail of your product. Pricing strategies must be profitable to the company. Prices are determined based on the cost incurred, the expected profit margin, and how much the customers are willing to pay.

Does your product solve a problem better than others, is it sold for an appropriate price, and is it worth the price? Based on your business strategy, product prices can be luxury, premium, or bargain price.

Price marketing mix elements include pricing strategy, payment terms, credit policy, discount, allowances, and payment mode.

To develop a pricing strategy, the marketing manager first determines:

The income range of their target consumer

Brand’s value perception by the customer

How much are they willing to pay?

How much do their competitors charge?

Do you want to adopt a luxury, bargain, or premium pricing strategy?

How will your price portray your brand?

Premium prices give the impression that the brand must be superior. The right price is the one that meets your profit margins and keeps more customers happy, a win-win situation.

Price Marketing Mix Examples

Coca-Cola uses a competitive pricing strategy for penetrative marketing. It is a pricing expert such that it matches the competitor’s prices head-on combined with a value-based pricing approach to push discounts for stimulating higher sales. The business is adaptable and it also changes its prices to meet local laws and market conditions.

Another example is Walmart which uses Everyday Low Prices (EDLP) pricing strategy that entails selling products at a low price to attract more customers, higher sales volume, and increase profits. Walmart does this by buying products in massive quantities from all over the world and use economies of scale to sell products at high discount rates depending on the demand.

Source: Walmart Website

Source: Tech Crunch

Place Marketing Mix

The third P, Place refers to the chain through which the products go from manufacturer to customer. This chain is determined based on who is the target audience, where will you find them, and how will you reach your product to them.

The quicker the goods travel from production to point of sale, the higher customer satisfaction.

Place mix determines the distribution channels and place where the product will be sold like online/eCommerce stores, physical locations like retail, wholesale, convenience stores, brand owned outlets. It is significant to research where your customers will be looking for your product and how to best serve them.

Place marketing mix elements include warehouse, transport, distribution channel, inventory control, and areas covered.

To determine the place marketing mix strategy, marketing managers find the answers to the following questions:

Where will your customers find your product?

Where will you sell your products?

Will they be available in eCommerce stores, retail stores, or brand store chains?

A well-optimized distribution channel is even more important for retail businesses. You can read our marketing mix case studies on Costco , Pepsi , or Airbnb to get more perspective on how they manage their distribution.

Place Marketing Mix Examples

McDonald’s has more than 36,000 franchises and company-owned outlets all across the globe. It also has drive-ins, online ordering through its app, and food delivery partners. Consumers can either dine at the restaurant itself or get a takeaway at their convenience. McDonald’s is located in easily accessible locations providing its customers serving tasty food quickly at low prices.

Source: McDonald's blog

Tiffany & Co is a high-end luxury jewelry brand. It sells its signature Tiffany True only in its stores creating exclusivity and an elite user experience.

Source: Harpers Bazaar

Promotion Marketing Mix

Promotion defines the strategies to make your potential customers aware of your brand. Simply put, how to get the word out about your product to your potential customers. Promotion marketing mix advertises, differentiates your product in the target market, and convinces your ideal customers to buy your product.

Promotional mix elements in the digital age include television ads, publicity, sales promotion, digital marketing, social media ads, personal selling, direct marketing, public relations, print advertising, search engine marketing, and online marketing.

Questions marketing managers ask when devising a promotion marketing mix strategy:

Where do your customers hang out online & offline?

Where will you promote your product?

What promotion tactical marketing tools will you use?

One needs to perform a lot of trial and error in devising promotional channel strategies. You can read this book to know many possible growth channels - Traction by Gabriel Weinberg

Promotion Marketing Mix Example

Red Bull spends extensively on promotions to stay at the top of its consumer's mind. 'Red Bull gives you wings' tagline has made a home in people’s minds. It’s impossible to plainly say it without dragging out the wings in a high-pitched voice. Red Bull promotes itself as a high-energy drink for intense activity. Its promotion strategy includes creative ads, digital marketing, content marketing, and sponsorship of extreme sports events .

Nike’s target buyers are athletes and people seeking a sporty and healthy lifestyle. It collaborates with high-profile sportspersons to promote its product line and maintain its brand image of being a premium sportswear brand. Michael Jordan, Serena Williams, and Kobe Bryant are a few of Nike’s brand ambassadors. Managers must study Nike's marketing example to devise their promotion strategy.

Source: Footwear News

Source: WWD

The 4 Ps of marketing work in unison to create a brand’s marketing strategy. It’s like a four-legged chair. If one leg is of the wrong height or broken, the chair won’t stay upright.

As businesses became more dynamic, more elements were added to the 4 Ps of marketing to derive an effective marketing plan to meet today’s business needs. 

What are the 7 P’s of Marketing Mix?

The 4 Ps were expanded into the 7 P's of marketing mix to keep up with the modern business environment. The additional P’s are Physical evidence, people, and process.

Let’s learn about each one of them with marketing examples.

Physical Evidence Marketing Mix

It is the look and feel of your product and brand. It includes exterior design, interior decor, ambiance, atmosphere, furnishing, packaging, employee appearance, and overall experience. 

Physical Evidence Marketing Mix Example

Starbucks serves exquisite coffees in a soothing ambiance. It positions itself as a place where you can work, interact, or hang out in a peaceful atmosphere with utmost ease. The experience Starbucks offers is what makes users choose it over others.

Paperboat’s packaging is vibrant and colorful with unique shapes and sizes because its consumers are children. Kids are attracted to colorful things that catch their eye in an instant. This way Paperboat distinguishes itself in a sea of competitors.

Source: Elephant design

People Marketing Mix

People marketing mix refers to the people involved in the development, distribution, and selling of the product. Personnel is the backbone of a company because they represent the company in front of its consumers and leave an impression. Hiring the right people, and training them thoroughly to match the quality of your brand is crucial for a brand’s success. The people marketing mix includes employees, service providers, sales executives, delivery staff, and work culture.

People Marketing Mix Example

Taj is a world leader in hospitality. It keeps customer satisfaction at the forefront. They train their personnel, right from the front desk to managerial staff, rigorously to provide the best customer experience.

Source: Taj Hotels

Process marketing mix

The process consists of the direct and indirect activities involved in the manufacturing, delivery, and consumption of the product. It also includes customer feedback to solve any inconvenience and give consumers what they need. The efficiency of the process decides the performance of a product.

Process Marketing Mix Example

Starbucks holds customer feedback in high esteem to refine its product offering. Starbucks' “My Starbucks Idea” platform was in operation for nearly 10 years before being retired. It provided consumers with a better way to share their concerns and submit requests. The aim was to give consumers exactly what they want while building a relationship and a loyal customer base.

Source: Braineet

Marketing mix elements work in agreement with each other to formulate the right marketing design for a brand. You cannot focus on a single element and call it a day. If there are internal discrepancies between the elements then those must be eliminated to provide the best value to the customer.

Why should you care about Marketing Mix?

The marketing mixes work in unison aiding each other. They are interrelated like the tires of a car, driving the company forward.

A correct marketing mix ensures you target the right buyers, make them aware of your product, position yourself distinctly, and offer a product they want, at a price they are willing to pay, and at a place easily accessible to them.

Each element decides the strategy for other elements. For example, a luxury product with a premium price cannot be sold at indie shops that follow cost-sensitive pricing strategies.

Best Practices to write a Marketing Mix Strategy

Use these best practices to write an effective marketing mix strategy for your product:

Clear, measurable, time-specific and stretch goals for a marketing campaign improve marketing success rate as one works towards a defined outcome. Is your aim to attract more customers, get more sales, differentiate yourself from competitors, enhance brand image, or increase brand awareness?

Perform Market Research

Market research gives a direction and validation to your marketing mix as to whom you need to sell in the first place. It helps define a target audience, finalize product's features, get inspired from competition's promotion tactics, etc. The result is a customer-centric product stand that has a distinct unique selling proposition backed by research.

Incorporate customer feedback

Are your product's benefits truly aligning with your customer's expectations? What is the perceived value of your product in front of your potential customers ? Can you increase your product pricing? Should you invest in search engine marketing?

All such present and future product decisions can be made by actively taking customer feedback. You also get a clear data if your marketing mix work on your target audience as strategized.

Get started with your brand's marketing strategy today

The marketing mix is crucial to successfully market your product and achieve marketing goals. Effective marketing mix results in higher customer satisfaction, larger market share, increased sales, and finally soaring profit margins. Now that you have a clear understanding of the marketing mix, it’s time for you to devise a marketing mix plan for your product and achieve those banger sales and profit goals.

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The 4 P’s of Marketing Mix and how to master it in today's world (updated with example and template)

This article addresses how to use one of the oldest marketing concepts in today's online world: "The Marketing Mix," which is based on the 4 P's: Product, Price, Place and Promotion.

If you’re ready to take your marketing seriously, you’ll need to start with a marketing plan. A classic marketing concept called “The Marketing Mix” or “The 4 P’s” of Marketing is a perfect place to start.

The original concept of the 4 P's marketing mix

The original marketing mix, or 4 P's, as originally proposed by marketer and academic Jerome E. McCarthy , provides a framework for marketing decision-making. Effectively summing up the 4 pillars of the business cycle, McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in business.

The essential base ingredients of the 4 P’s are: Product , Price , Place and Promotion . While this combination doesn’t appear to be rocket science, a company’s ability or lack thereof to embrace and implement the 4 P’s can make all the difference between thriving and failing as a business.

Each of the 4 P’s build upon and interact with one another, and are governed by both internal and external factors within the business itself, and our ever-changing marketplace. The 4 P’s of marketing primary purpose is to help us take into consideration potential roadblocks to widespread product adaptation and ongoing success.

So let’s get to them, shall we?

4 P's of marketing in simple and familiar terms:

A PRODUCT is a service or good offered to meet consumer interest or demand. It could come in the form of occupational therapy or a fidget spinner - choices are only limited to the imagination, BUT, are highly dependent on marketplace curiosity or need.

PRICE is the cost people pay for a product. This includes base costs (materials, manufacturing, and shipping) plus expenses (rent, office supplies, healthcare, etc.). While you should always look to the competition, a smart business will tap into what people will actually pay for it. That's the only thing that counts. If you can't rise above your bottom line and make your target profit, then it’s a losing proposition.

PLACE is the “home” where the product resides, and that “home” can live in many different channels, such as a physical store display, a newspaper, radio or TV ad, or a website or blog spotlight. Really, a place is anywhere you can get your product in front of your target customers that compliments your budget, including the price point.

PROMOTION is product exposure and public relations efforts via advertising (through the channels mentioned above) as well as word of mouth, direct mail, email marketing and social media. Promotion is a communication tool that encapsulates the first 3 P’s by putting the right product in the right place, at the right price, at the right time, with the goal of it being irresistible to customers.

The 4 P's example and template for a service business

The Marketing Mix of “HVAC Plumber” reflects a real life example of how a service company covers the 4 P’s (Product, Price, Place, Promotion) in their marketing strategy.

“HVAC plumber” (a fictitious company) provides heating and cooling services in the Chicago Metropolitan Area.

HVAC Plumber marketing mix elements strategy and example:

HVAC Plumber offers industry standard services, but also innovates to provide more value to our customers and captures more of the market. We are insured, licensed and provide warranties for our work. Our high quality services and focus on a pleasant customer experience helps us get repeat clients, referrals, and builds our reputation. Also, our motto is: “Leave the place cleaner than we found it” - so you’ll always see us with a broom in our hands before we leave.

At present, the following are the main categories of HVAC Plumber products:

• Furnace installation and repair
• Water heater maintenance, installation and repair
• Air conditioning installation, maintenance and repair
• Complete plumbing system design and installation
• Drain, sink and toilet unclogging and jet rodding and repairs

Our extra value added products:

• Emergency services
• Indoor air quality testing services
• Air duct and dryer vent cleaning services
• Warranty services
• Equipment sales

Our reputation and successful marketing generates more demand than we can handle, so it allows us to charge premium for our services. We train our service technicians to upsell our other services. We also have a customer loyalty program in place to reward our long-term clients with better rates and provide coupons to first time clients. We also seek partnerships with organizations such as: homeowner associations, insurance companies, builders and general contractors, and offer exclusive pricing options based on quantity.

The company has offices in downtown Chicago, but walk-in customers are unusual. We are physically represented by our company vans, uniforms and warranty stickers. We consistently attend industry trade shows, and belong to the Chicago Chamber of Commerce.

We nurture partnerships with our equipment vendors, participate in their trainings, and have certifications, which allow us to be listed “licensed technicians” on their websites. We serve the Chicagoland Area, which is about a 30 mile radius from our warehouse, but we do make travel exceptions for long-term clients and bigger projects.

Our company website is the most important communication tool, and is a place where our clients learn about our services and make initial contact. We invest a great deal of money and time to keep it updated and useful to our audience. We plan to expand our website to include ecommerce and make some of the package services, equipment and accessories available for purchase online. None of our competitors are doing this at the moment, so we’ll take advantage of being pioneers in this regard.

Most new business comes through our website and we focus all of our promotion efforts to drive more traffic to it. Our promotional mix is as follows:

• Search engine optimization
• Paid traffic
• Social media marketing
• Content marketing
• Email marketing

Our value proposition statement

HVAC Plumber is an industry-leading HVAC and plumbing service provider serving the Chicago area since 1999. We specialize in new installations, repairs, and 24 hour emergency services.

Start with 4 P's of marketing template

Check out our 4 P's of marketing template to help you work through your first few ideas.

But why stop there?

The 7 P’s of marketing mix

Since the inception of the original 4 P’s of marketing, marketing experts have expounded upon the mix to include three additional P’s to enhance brand exposure and sales performance.

These additional P’s include: People , Process and Physical evidence .

PEOPLE have always been at the epicenter of the business world. Whether it’s the company visionaries, the movers and shakers, or the daily doers, unless (or until) commerce is fully automated, you’re only as good as the people who keep the business operational and flowing. And believe you me, customers are quick to notice when there’s a glitch in the matrix.

PROCESSES ensure consistent service delivery to every customer, at any time of day, on any given day. And, a successful business incorporates scenarios where customer preferences can be accommodated to provide them a unique experience.

PHYSICAL EVIDENCE – Almost all services include physical proof of a transaction, even if the bulk of what the consumer bought isn’t tangible. It’s something the customer can hold onto and recall about working with you. Physical evidence also describes consistent branding across communication channels.

How can you actually use this?

How the 4 P’s apply in today’s online marketing

The how’s and why’s of how we approach marketing have become much more dynamic since the inception of the internet. However, the driving factor is still and should always remain: PEOPLE. Actually, it’s more about people than ever before. Having an honest marketing approach has never been more important and is both emotionally and financially rewarding if you do it right.

PRODUCT and how it lives online versus the shelf

It seems like not much has changed as far as the product or services goes, right? Wrong. No matter what type of product you offer, the landscape shifted majorly to the consumer benefit. The majority of customers now prefer to shop online, and perform in-depth research before making their buying decisions.

Besides the original, product-related marketing factors such as: product quality and design, branding, packaging, returns and guarantees, in your marketing plan, you should also consider NEW factors.

User-centric customer support - your product now has a digital voice. And it must talk to your audience and be both personalized and timely. Not only across all the common channels such as phone or email, but also should be proactively involved in social media. Resource: Social media customer service 101: the beginner's guide

New PRICING models to consider

Pricing your product or service is never an easy task. It sure helps if you can find a unique product positioning on the market, otherwise you fall into price comparison wars with your competition. And, to compare prices has never been easier than today. The original Marketing Mix suggests considering pricing strategy and tactics, discount structure, payment terms and options for both customers and distributors.

Competition pricing research - this is an in-depth review of the pricing models of your direct competitors. In comparing products, you should focus worldwide. With local services, of course, should compare within your own service area. Remember that you don’t have to anchor your pricing based on competition, but it helps to know the market.

Shipping and handling strategy - it’s not an obvious, but very important factor in online sales conversions no matter the item price. Offering free shipping is one of the most effective purchase incentives. Resource: How to offer free shipping and still make money

"9 out of 10 online shoppers consider free shipping as one of the main reasons why they shop at a particular online store. To offer free shipping is not a new thing, thanks to Amazon it became essential running an online store. The main question now is how to make it profitable. It looks impossible, but with the right approach - offering it most, not all, of the time, setting a flat shipping or order threshold, it is possible."

Diana Bukevicius - Scube Marketing

Product positioning - I know I’m repeating myself, but I have to. Positioning is strongly engraved into each pillar of The Marketing Mix. As far as pricing goes, having strong niche positioning eliminates the number of competitors that your product or service can be compared with and it opens up an opportunity to go for value pricing . Resource: Everything you need to know about pricing

Upsell strategy - this is an underestimated source of cash flow. It’s always easier to sell to the people that already bought something from you and were happy with the product. It can be an additional items or warranties, maintenance or a product upgrade.

PLACE for marketing is now on the mobile screens

Back in the 1940’s “place” was all about brick and mortar. Location, distribution, and logistics are still part of the process, but it heavily shifted from the marketing department to operations. No doubt you’ll boost sales if your product gets featured in physical Walmart stores, but you also can sell at Walmart Marketplace online with way less effort for the approval process. Same goes for Amazon. Online selling has undoubtedly taken over as the place to peddle your wares. Resource: How to sell on Walmart marketplace in 7 easy steps

Website - this is by far your most important marketing piece. It’s your 24/7 storefront and your sales rep that never sleeps. Any marketing efforts that you take will end up on your website. I mentioned 3rd party sources like Walmart Marketplace or Amazon, but I still highly recommend you focus on your own website first and use other sources as secondary. Why? Because you own it and you control it.

Any 3rd party retailer could change their policies tomorrow and you might be out of business. Plus, websites grow more powerful over time if supported by thoughtful and consistent marketing decisions. When you build your website, the decisions on design, structure and content should be made based on your promotional strategies.

3rd party platforms - Your audience is on or a few of these platforms already. Identify those platforms and utilize them. It can take the form of direct eCommerce platforms like Amazon, or it can be social channels like LinkedIn or Facebook etc.

PROMOTION is in your inbox

Search engine optimization (SEO), social media, email marketing and paid search. I hear that Super Bowl ads are worth their weight in gold, but if you can afford a Superbowl ad, you are on the wrong blog!

Jokes aside, make sure your marketing strategy is built around driving traffic to your website and converting it to leads or sales.

Traffic generation - getting targeted visitors to come to your website is the ultimate #1 goal. There are numerous ways you can achieve that, and they’re all worth considering:

Search engine optimization (SEO) - is the practice driving traffic to your website through organic search engine results by optimizing (making relevant) your website for targeted keyphrases. SEO is an ongoing process that requires patience and consistent efforts.

Paid search - in other words - “bought traffic.” Platforms like Google AdWords, Bing Ads or Facebook Ads allows you to buy highly targeted traffic in an auction-type of fashion. It’s typically based on “per click” pricing, where each visitors cost you x amount of dollars.

Social media marketing - is the process of gaining traffic or attention through social media sites. If you sell to people then it’s a great idea to invest time and effort (and sometimes money) into one or several social media sites. That’s where the people hang-out these days. Resource: Welcome to the beginner's guide to social media!

Email marketing - is the modern equivalent of oldschool direct mail, I believe. Even if one more email in our inbox is the last thing we want or need - email is still one of the best performing marketing tools. Resource: A beginner’s guide to successful email marketing Resource: A comprehensive guide to email marketing platforms

Conversion rate optimization - converting website visitors into leads is the ultimate goal #2 to achieve. Firstly, to be able to calculate conversions you need to have Google Analytics or other tracking system integrated to your website. Conversion rate optimization are an ongoing process where you optimize your website and measure the outcome looking for the optimal version of each page. Resource: Conversion optimization made simple: a step-by-step guide Resource: Learn Google Analytics with free online courses

2 extra P’s from Angle180

The team at Angle180 takes the “4 P's of marketing (Plus 3)” two steps further, to include Positioning and Positive Reviews.

Positioning - again and again. Positioning is a fundamental piece of your marketing plan and your overall business success. Essentially, if you answer all the questions related to each P you’ll arrive to your business positioning statement.

Positioning is how you differentiate your product or service from your competitors in your niche market.

A good positioning statement is the first thing people read when they visit your website. Typically, it’s a 7-10 word sentence on your Home Page that succinctly answers:

There’s a science behind positioning, and it’s wise to research how others in your field describe themselves.

Positive reviews - positive online reviews are pretty self explanatory, but I recommend creating a strategy for collecting positive reviews, as well as dealing with negative ones.

Unfortunately, it’s human nature to take positive experiences for granted and feel revengeful about the negative ones.

Reviews definitely affect local search rankings and customer buying decisions.

Local consumer review survey by BrightLocal reveals the importance of reviews:

97% of consumers read online reviews for local businesses in 2017

85% of consumers trust online reviews as much as personal recommendations

49% of consumers need at least a four-star rating before they choose to use a business

Responding to reviews is more important than ever, with 30% naming this as key when judging local businesses

4 P's of Marketing Mix in a slideshow presentation (PPT) and downloadable PDF

Here is a PDF version of 4 P's of marketing presentation.

Our conclusion? The original 4 P’s of the marketing mix withstand the test of time

There is one common trait to all classic things - they never get old or obsolete. So, even with all the changes that technology has brought us, the 80 year concept of The 4 P’s of marketing mix are still relevant and applicable today. Marketing platforms and tools have certainly changed, but the foundation is rock solid. And, let’s hope it always remains personalized and people-driven.

I'm Sarunas Budrikas, CEO of Angle180, a B2B marketing company delivering results through high performance web design and traffic generation.

You can also find me on LinkedIn and Twitter .

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What Are the 4 Ps of Marketing? A Beginner’s Guide to the Marketing Mix

If you’re a largely self-taught marketer, you’ve likely never heard of the 4 Ps of marketing—or the marketing mix as they’re also called. Marketing-trained professionals use various models to do their job efficiently. One of these foundational models is the marketing mix (or 4 Ps of marketing).

In this article, we’ll consider what these 4 Ps are, how they work in the real world, how you can use them as a digital marketer, and other alternative marketing models you can use.

You can use the clickable menu to skip ahead to any section, if you’d like. 

• What is the marketing mix? A definition
• What are the 4 Ps of marketing?
• An example of the 4 Ps of marketing
• What are some alternative marketing models?
• Key takeaways 

1. What is the marketing mix? A definition

The term marketing mix refers to a set of tools, actions, or strategies a company uses to promote and sell its products or services. Although the term “marketing mix” was first coined by Professor Neil Borden , it was popularized by Edmund Jerome McCarthy, who first developed the 4 Ps of marketing. 

This concept is more than just stale theory; the marketing mix is still useful for marketers today. It provides a big picture look at the main elements of marketing a product or service, and helps marketers understand how these elements can affect the success of their marketing efforts.

Knowledge of the marketing mix helps marketers highlight their product’s strengths and learn how best to promote it. Understanding the marketing mix can also make it easier for stakeholders to make decisions about how to price their product or service and position it in the market.

What is the digital marketing mix?

The digital marketing mix is the marketing mix as it applies to the sphere of digital marketing. Unlike the marketing mix—which is focused in its inception on physical goods and services—the digital marketing mix may include digital products and services, including things like software, for example.

Still, both forms of the marketing mix perform the same function: helping companies promote and sell products or services.

What exactly does the (digital) marketing mix entail? Let’s find out.

2. What are the 4 Ps of marketing?

After Professor Neil Borden developed the term marketing mix, fellow marketing professor, Edmund Jerome McCarthy proposed the idea of the 4 Ps of marketing. 

In his book Basic Marketing: A Managerial Approach (first published in 1960), McCarthy proposed that marketers could use the 4 Ps (four variables beginning with the letter “P”) to create effective marketing plans and reach their goals. These 4 Ps are:

• Product: The product or service the company is offering. This product should meet the customers’ needs in a unique way to be worthy of purchase.
• Price: This refers to how much the product or service sells for. Marketers must consider the product’s value, as well as the general market situation as they price a product or service.
• Place: Where will this product be sold to reach its target audience?
• Promotion: How will marketers get the word out about their product or service? Which marketing channels will they use?

Let’s use an example to see how the 4 Ps apply to marketing a real-life product.

3. An example of the 4 Ps of marketing 

Ready to try using this classic marketing model? We’ll break down how each element works for a fictional software-as-a-service (SaaS) company trying to market its tool. For this exercise, let’s make it a human resource (HR) software tool for HR leaders.

To successfully market this product, the 4 Ps theory demands that the marketing team closely examine its product, noting its strengths and possible weaknesses . The marketers need to ask themselves:

• What does our software do? It helps HR leads manage employees, build team culture, and manage payroll.
• Who is it for? It’s for HR team leads in the tech industry.
• What pain points does it solve? This makes it easier to onboard new employees, add them to the payroll, run employee performance evaluations, et cetera.
• What is it’s unique selling point (USP)? It’s an all-in-one management tool (compared to other tools which only manage one aspect) 

As you look into your product, it’s also wise to see how it measures up with competitors and what its stand-out features are. The goal of this element is to help marketers get a closer look at their offering so they can find the best way to sell it to their target audience.

Understanding all that your product or service offers will help a great deal in this section. Pricing your product requires strategic thinking. Here are some things to keep in mind as you do so:

• Your desired profit margin
• Your audience’s budget
• Your brand positioning (do you want to be a budget or premium option?)
• Your competitors’ prices
• Your pricing strategy (will you offer pricing tiers, dynamic pricing, one-time pricing, or monthly/annual pricing?)

Whatever you decide, keep in mind that pricing affects the marketing of your product, as well as general perception . Make sure that you’re striking the right notes with your target audience.

A crucial part of your marketing strategy is choosing the right marketing channel . With a bevy of options ranging from SEO to paid search, email marketing, and social media, you need to choose carefully.

Think about where your target audience hangs out , where they go to learn or find resources. That’s where you should market to them. For a HR SaaS company, social networking sites like LinkedIn and Twitter may yield more leads than Facebook or Instagram, due to their reputations as professional social media networking channels.

Another valuable channel for SaaS tools is the company website. Use a high-converting landing page and effective calls-to-action, such as a free trial offer or a demo request. 

4. Promotion

Where place refers to your main marketing channel, promotion involves your main distribution channels . Granted, most marketing channels can also serve the purpose of distribution. But typically, it’s wise to have the main selling station, then support that channel with other distribution channels.

Distribution channels help to create more brand awareness, provide an opportunity to repurpose valuable content, and ensure that your audience never forgets about you or your offering.

Back to our SaaS example. Some great distribution/promotion channels for this product are podcasts, video marketing, and email newsletters. For example, if you decide to create SEO blog content, using distribution channels such as an email newsletter or a YouTube account will help get more eyes on your content.

4. What are some alternative marketing models?

The marketing mix is just one marketing model. There are a few other effective models—some old and others new. Here are a few:

In 1981, Booms and Bitner expanded the scope of the marketing mix by adding three new elements. That’s why you might see some people refer to it as the 7 Ps. The three additional elements are people , processes , and physical evidence . To implement the 7 Ps, marketers would need to use these seven parameters (including the 4 Ps) to craft a marketing plan that works.

Loyalty ladder

In this marketing model, brands depend on customer advocacy to promote their business. Marketers nurture leads into customers, prioritize customer retention, and eventually turn customers into brand advocates who, in turn, market the product at no cost to the brand.

Segmentation, targeting, and positioning

This model involves marketers harnessing the differences in their audience and providing personalized marketing to each group. Marketers may segment or group their audience using their demographics, geography, lifestyle, or other parameters. They then create specific marketing techniques to reach out to each group, while positioning the brand in a way that appeals to them.

AIDA stands for attention , interest , desire , and action , and refers to the way marketers draw in potential customers. It starts with getting leads by catching their attention, nurturing their interest, stoking the desire to purchase, and finally leading them to take action by purchasing.

For example, to get a potential customer’s attention, ads, landing pages, and SEO articles work. On the other hand, to stimulate interest, more will likely be needed. Think nurturing newsletters. To fan the flames of purchase desire and move customers to action, brands may need to use testimonials, share demos, or use other bottom-of-the-funnel content .

5. Key takeaways

Marketing is an exciting field and, with so many models available, there are plenty of ways to approach your marketing strategy. The marketing mix (or the 4 Ps) are four elements that marketers must consider while planning their marketing strategy, which are: product , price , place , and promotion .

To make the most of this model, you’ll need to:

• Examine what makes your product unique to your target audience
• How best to price your product or service
• Where to sell your product and which marketing channels to use
• Decide on the best ways to promote and distribute your product or service

Want to learn more about digital marketing? You could check out CareerFoundry’s free 5-day course . You may also be interested in these articles:

• What Is Cross-Channel Marketing? Your Complete Guide
• What Is Multichannel Marketing?
• 11 Must-Have Skills of a Digital Marketing Manager

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10 Steps to Building the Perfect Marketing Mix for Your Business

The marketing mix is an essential tool in building and implementing an effective marketing strategy . It should be used to show prospects why your product or service is different and better than your competitors.

In this article you’ll learn what a marketing mix is, why it matters, and the 10 steps to follow for building the perfect marketing mix for your business.

What is a Marketing Mix?

The marketing mix refers to the various elements of your company’s offering in the market.

It is a varied “mix of ingredients” used by your business to achieve its objectives by marketing its products or services effectively to a particular customer group.

The marketing mix, also referred to as the 4 Ps, is comprised of four main pieces – Products, Price, Promotion and Place. The 4Ps describe what marketers can control and are the most critical elements when building your marketing strategy.

Image Source: bbc.co.uk

Product is concerned with developing the right product or service for your target market. Your product or service must satisfy a specific consumer need.

This first P is made up of two core components:

• Branding: The name, term, symbol and design used to identify your product. A good brand name can speed up shopping by helping customers identify the product they want.
• Packaging: This involves promoting and protecting the product. It can make a product more convenient to use or prevent it from spoiling or being damaged. Good packaging makes products easier to identify and promotes your brand.

Kaffeine , a London-based coffee shop, attracts customers by branding their business and products as hassle-free and friendly. They use their shop design of crumbling brick walls and comfy wooden crate benches to create an image visitors can easily align with their brand.

Image Source:  www.cosycoffeeshops.co.uk

When setting a price for your product, you must consider competition in your target market place, and the cost of the total marketing mix.

Also estimate customers’ reactions to possible product prices.

Thegymgroup.com offers a great pricing incentive. Unlike other gyms, they don’t bind you to an expensive contract and you receive 3 free training sessions.

Image Source: http://www.thegymgroup.com/

This involves all the decisions in getting the right product to your target market’s environment.

Placement decisions, such as accessing the right distribution channels, should take into consideration where customers would expect to find a product or service like yours.

Part of the place decision is also the layout of your store or shop. It should pull customers into your shop, making it easy for them to locate merchandise.

Nakedwines.com have created their whole marketing strategy around the element of place.

Customers can fund independent winemakers and receive exclusive access to wines at wholesale prices, and it’s all available online.

Source Image: https://www.nakedwines.com/

This is about telling your target market about your product or service. It involves direct communication between sellers and potential customers.

ITC Luxury Travel uses various means of communication with their customers and promotion for their services. They’realso active on social media sites, including Twitter, Instagram, Facebook and Google+. Their Newsletter sign-up offers yet another opportunity for product promotion.

Source Image: https://www.itcluxurytravel.co.uk/

If the 4Ps seem outdated to you, try R.F. Lauterborn’s 4Cs and decide if his take on the marketing mix is a better fit for your business.

The 4 Cs replace the 4Ps with:

• Cost: Price is not the only cost being incurred when purchasing a product. Lauterborn refers to the cost you incur to satisfy a customer, the cost of time to acquire the product, cost of conscience when it comes to consuming the product and the cost of selecting or not selecting an alternative.
• Consumer : The value you provide a customer determines your position in the market place. Like with your Unique Selling Proposition (USP), your value should be clearly communicated.
• Communication: Marketers should aim to create an open dialogue with potential customers based on their wants and needs. Customers want to be engaged with meaningful interactions.
• Convenience: You need to be aware of how your target audience likes to make their purchases in order to make it convenient for them to buy. Remove all barriers to entry. For example, don’t make customers sign-up for a loyalty card before they can make their first purchase.

Image Source: marketingmix.co.uk

Why is the Marketing Mix Important?

In your day-to-day business activities it’s difficult to turn your attention to the big picture, especially when you’re putting out fires left and right.

Your marketing mix provides a roadmap for your business objectives. It keeps you on track, while keeping your target market in the forefront of your mind.

Your marketing mix will help you make sure your business is marketing the right product, to the right people, at the right price and time.

10 Steps to an Effective Marketing Mix

Use these 10 steps to assist you in building your perfect marketing mix for a successful product offering.

Step 1. Goals and Objectives

To create the right marketing mix you must first clearly define what you want the end result to be – more customers, brand awareness, higher sales, etc.

Every marketing plan has its own marketing goals. Also ensure you have set a specific time frame in which to achieve your goals.

Step 2. Establish Your Budget

How much money are you willing to spend on product innovation, consumer research and product promotion?

Step 3. Determine Your Unique Selling Proposition (USP)

Describe the benefits users will experience from using your product or service.  What unique problem are you solving better than anyone else?

For example, Tom Shoes gives a new pair of shoes to a child in need for every pair you purchase.

Image Source: Toms Shoes

Step 4. Who is Your Target Market?

In order to communicate effectively with your audience, you need to know who they are and how they prefer to be communicated with.

Create an in depth profile of your ideal custome r. Make sure you’ve gathered enough consumer data to develop a complete picture of your ideal buyer.

Step 5. Ask Your Customers Advice

• What do they think of your product?
• How satisfied are they with the quality?
• Are the benefits apparent?
• How is your product effectively or not effectively meeting their needs?

Use their answers and the language they used in your marketing material. You’ll appear more relatable and approachable to your audience.

Step 6. Define Your Product in Detail

Take your time describing the specific qualities and value of your product. Look for the unique features that show your product’s worth.

Step 7. Know Your Distribution Channels

Identify the places your product will be marketed – which distribution channels you’ll make use of.

Your choice of distribution channel will influence your pricing and your promotion decisions.

Depending on your audience and product your main options will be:

• Selling to wholesalers who will sell to retail outlets, who will then sell to the consumer.
• Selling directly to the retail outlet.
• Selling directly to your customers.

Image Source: web-books.com

Step 8. Create a Pricing Strategy

You need to discover clever ways of differentiating your product on price. Research your competitors and make sure you’re not overcharging your customers.

You will also need to consider what your target audience might be willing to pay and what it costs to actually produce your product.

Step 9. Choose Your Promotional Techniques

Your target audience needs to be made aware of your product offering.

Successful promotion of your product includes various elements, like:

• Direct Marketing: Directly connecting with carefully targeted individuals to cultivate lasting relationships. For example, catalogues, telephone marketing, and mobile marketing.  Used for direct outreach to prospects in a database or sales list.
• Public relations: Press releases, exhibitions, sponsorship deals and conferences.   Used for getting newsworthy attention.
• Advertising: Television, radio and print media will be your offline focus.  Used for introducing your audience to new products and services.
• Personal selling: Personal presentation by your sales force. Demonstrating how your product works is key.  Used for selling expensive, specialised and technologically advanced products.
• Sales promotion: Short-term incentives to encourage a purchase. This includes discounts, promotions , and payment terms.  Used for getting people to use your product more often and to gain new customers.
• Word of mouth: Creating positive word of mouth via your sale staff, recommendations from buyers and social media.  Used for boosting brand awareness.

Step 10. Use Inbound Marketing

The 4Ps of marketing creates the basis of your marketing strategy, but inbound marketing also plays a vital role in developing your marketing mix.

An effective inbound marketing mix should include:

• Your Website: Customers today want to interact with your brand and newly developed products. Use your website to fulfil this need for interaction. Make sure your website is quick loading, impactful and easy to navigate.
• Search Engine Optimisation (SEO) : In order for customers to interact with your website, they must be able to find it first. Use descriptive keywords to help search engines, like Google, direct users to your website.
• Email Marketing: One of the quickest, most direct ways to communicate with leads and customers. You need to continually collect prospects and customer contact information to grow your database and follow-up on a regular basis.
• Social Media : Besides having a website, you should use popular social networking sites to distribute your message and create brand awareness. Twitter and Facebook are invaluable for describing existing products, introducing new products, offering promotions and announcing sales.
• Blogging : Blogging will help your business stay top of mind by putting out regular content. Host the blog on your website and write good content, making sure to respond to each blog comment.

Image source: marketectinc.com

A well-developed marketing mix will help you develop products and services that better serve the wants and needs of your target market.

Done right, your market mix will help your customers understand why your product or service is better than those of you competitors.

Although the 4Ps should remain core to your marketing mix, inbound marketing should also form part of your overall marketing strategy . Use these 10 steps to help you develop your perfect marketing mix.

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What Is A Marketing Mix? The 4 Ps of Marketing Explained

Developing a strong marketing strategy is key to long-term, sustainable success for any business, and a marketing mix serves as an important part of this strategy. A marketing mix is a combination of elements that serve as the foundation for every single form of marketing or promotion your business engages in.

In this article, we’ll explain the elements that make up a marketing mix, the roles they play and how you can create an effective marketing mix as part of a broader marketing strategy.

Marketing Mix Explained

A marketing mix is a framework that companies can use to market their product or service more effectively. It serves to provide focus and direction to a marketing strategy, with four key elements serving as pillars. The key elements of a marketing mix are:

• Promotion. 

These elements are known as the 4 Ps of Marketing and are the centre of any marketing mix. Over time, however, the 4 Ps of marketing have evolved significantly – something that we will also delve into later on.

Why Is A Marketing Mix Important?

By incorporating a marketing mix into their overall strategy, businesses can:

• Align their marketing efforts with their long-term objectives more clearly
• Better understand and cater to customer needs
• Understand how to differentiate themselves from competitors
• More easily adapt to dynamic market conditions
• Optimise resource allocation and decision-making

All in all, a marketing mix is a holistic approach that enables all your marketing decisions to be grounded in logic and planning. This ultimately nurtures long-term success.

Marketing Mix vs. Marketing Plan vs. Marketing Strategy

The terms marketing mix, marketing strategy and marketing plan can get confusing – they’re related but distinct marketing concepts. It’s important to have all three in place for sustainable business development. We’ve already defined a marketing mix, but here’s what a marketing plan and marketing strategy mean:

Marketing Strategy

A marketing strategy helps clarify the necessary steps to achieve your marketing goals and effectively promote your business. It establishes the long-term framework that shapes: 

• How you define your value proposition  
• Your company’s brand positioning 
•  How you intend to reach your target market 

Marketing Plan

On the other hand, a marketing plan focuses on the shorter-term aspects of marketing efforts, such as specific campaigns. It serves as the execution of the overall marketing strategy.

Best marketing practice is to develop your marketing strategy first, define your marketing mix and then create your marketing plans. If you’d like to learn more, we have a handy guide on creating a marketing strategy .

The Origin of Marketing Mixes

The concept of a marketing mix and the 4 Ps of marketing dates back to the 1960s, when professor Jerome McCarthy popularised it in his 1960 book ‘Basic Marketing: A Managerial Approach.’ Although the term marketing mix had been gaining traction since the 1940s, McCarthy was the one to clearly define the pillars of a marketing mix with the 4 Ps of marketing.

In ‘Basic Marketing: A Managerial Approach’, McCarthy put the concept simply: “Marketing mix is a combination of all of the factors at the command of a marketing manager to satisfy the target market.”

The concept quickly caught on and marked a notable shift in marketing strategies – shifting the focus from individual tactics to a more holistic and strategic viewpoint. By clearly defining each element of the marketing mix, businesses could create a cohesive strategy that addressed the complexities of the market and consumer behaviour.

How Marketing Mixes Have Evolved Over Time

It’s been over 60 years since the concept of marketing mixes was introduced – since then, the business market has changed significantly with globalisation and the rise of digital marketing. The access to analytics and better tools and resources has also driven a more data-driven approach to marketing.

Marketing mixes have had to adapt accordingly – marketing experts have now expanded the initial 4 Ps into ten key elements. The modern 10 Ps of marketing are:

• Physical evidence
• Positioning
• Personalisation

The 10 Ps OF Marketing, A Break-Down

Now that we’ve given you plenty of context, here’s what each of the 10 Ps of marketing means:

Effective marketing starts with a deep understanding of what it is you’re offering your target market. A product can be tangible, like a piece of apparel or equipment, or intangible, like a service or subscription. What matters most for successful products is that they fill a market gap and are unique enough to stand out.

To define the first P in your marketing mix, you need to ask yourself:

• What need does your product or service meet for your target market?
• How is it different from your competitor’s product?
• Where does your product stand in the market? Is it a high-end luxury brand, a niche offering, or widely accessible to appeal to a broad audience?

Your Unique Value Proposition

Ultimately, ‘Price’ in a marketing mix aims to clearly define your Unique Value Proposition (UVP) and answer the fundamental question, ‘Why should potential customers choose you?’ Your UVP should be at the core of all your marketing communications.

Price refers to the monetary value customers are willing to pay for your product or service. Much consideration and research needs to go into defining your Price – it directly influences your product’s perceived value and positioning in the market. Choosing the right price significantly impacts your business’s revenue, profitability, and market share.

You have to consider things like production costs, how much your competitors are charging, and how much you can afford to mark down your product during sales promotion periods.

The Different Pricing Strategies

Additionally, price refers to the pricing models and strategies you choose. Common pricing strategies include:

• Penetration Pricing: Setting a lower price initially to gain a large portion of the market share quickly.
• Skimming: Setting a high price initially to recoup launch costs and increase perceived value.
• Value-Based Pricing: Setting prices based purely on the customer’s perceived value to increase customer loyalty.
• Dynamic Pricing: Adjusting prices based on real-time market conditions like demand surges or dips.
• Geographic pricing: Your prices vary based on location to maximise profits in different target markets.

The Different Pricing Models

Once you choose a pricing strategy, you have to decide on your pricing model – how you’ll charge your customers. This is especially relevant if you’re selling a service or software. Here are some common price models:

• Freemium: This is a popular subscription-based model popular among software as a service (SaaS) companies. It means offering a basic version of your product for free, hoping customers will eventually pay to access more features.
• Hourly Pricing: Commonly used by freelancers or contractors. This means you charge hourly for your labour. The downside is that it requires documentation to justify and a high level of trust from the client.
• Fixed Pricing: This means charging a flat fee per project instead of a direct exchange of money for time.

Place in a marketing mix refers to how your customers will get your product and your chosen distribution channels. Here are some key factors you have to consider when defining ‘place’:

• Will your product be available in a physical location, like retail stores?
• Will your product be available from third-party retailers?
• Will you sell product or service online?
• What do delivery logistics look like?
• Where is your target audience most likely to shop?
• Is your product available locally, nationally or internationally?

Place encompasses all things distribution: The idea is to determine how you’ll make your product available to your target market in the right place, at the right time, and in the right quantity. To do this effectively, you need to understand your target market and how to best reach them and be aware of any limitations you might face because of supply chain issues or logistics.

4. Promotion

Promotion refers to how you plan to successfully market your product to your target consumers and generate interest from potential customers. Promotion covers:

• The marketing tools you’ll use
• Your plan for online marketing campaigns
• How you’ll handle public relations
• Who’s in charge of your marketing communication
• How to drive traffic to your retail locations

Essentially, this stage is when you decide your promotional mix and how you’ll communicate your marketing messages. In the digital age, your options are almost limitless. There’s email marketing, search engine marketing, social media marketing, television commercials – it can be overwhelming trying to choose.

The key is to conduct target market analysis and only choose to market on the channels that will resonate with your target audience most effectively. This will ensure you spend your money where it matters most and don’t spread yourself too thin.

The Extended Marketing Mix

Product, price, place and promotion are the original marketing mix. However, as we explained above, marketing science has evolved a lot over the past 60 years, and so have the key elements of a marketing mix. Here are the six additional Ps of marketing that marketing experts have put forward:

In an extended marketing mix, People refers to the human side of your business: the employees and sales force that make up your business. Defining how you want your employees to present and act is especially important if you have a physical store where the customer experience your employees provide is everything.

Here’s what People defines in the extended 10 Ps of Marketing:

• Customer service: The behaviour, attitudes and policies you have in place for your customer service team.
• Employee Behaviour: How employees present themselves and their behaviour during customer interactions. This includes factors like professionalism, communication skills, and the overall demeanour of staff members.
• Company culture: The culture and values that influence how employees approach their work and interact with customers. A positive company culture can contribute to a customer-centric mindset among employees.
• Employee satisfaction: How you plan to keep your employees satisfied and motivated in their work through employee satisfaction initiatives. 

Process in the expanded marketing mix refers to the systems, procedures, and methods you’ll institute to promote and deliver your product to your target audience. Having well-defined processes in place helps ensure you can consistently deliver your product at a high level. 

These processes might include: 

• Quality Assurance: The processes and mechanisms you have in place to ensure the product you deliver is consistently high quality.
• Efficiency and Productivity: How you plan to optimise efficiency, both internally and in delivering your product.
• Technology Integration: The tools and software you’ll use for smoother processes, like booking software and staff scheduling platforms.
• Feedback Mechanisms: How you’ll receive feedback from your target customers, whether it’s through surveys, reviews or another form of communication.

7. Physical evidence

Physical evidence refers to the tangible touch point a potential customer encounters before choosing to buy your product. Physical and sensory evidence can make all the difference to the customer’s perception of your business and product. Here are the things to consider:

• Store presentation: The layout, cleanliness and overall feel of your physical stores.
• Branding and signage: How you’ll ensure consistent and memorable branding across your physical assets.
• Employee presentation: The uniforms, name tags, style, and any other visual cues that impact the customer’s perception of professionalism and competence.

8. Packaging

Packaging refers to the box or wrapping your product comes in. While it may seem like an inconsequential detail when compared to the product itself, the packaging of your product can hugely influence a customer’s confidence in your product and their decision to buy. Packaging is more than just a box, however. It also refers to: 

• The overall presentation of your product
• The visual merchandising of your product
• The sustainability of your physical packaging
• How well the packaging protects your project during transport

Packaging also includes any visual assets used to convey your branding, like business cards, your website, and staff presentation. Consistent and visually appealing branding across anything that packages information or products will increase brand memorability and help you stand out.

9. Positioning

Positioning refers to where your brand stands in the market compared to your competitors. It involves strategically creating a unique image and identity for your brand in the minds of your target audience. You can achieve positive positioning by establishing a distinct position from your competitors, emphasising the specific attributes or values that set your product apart.

Is your product more eco-friendly than most? Is it cheaper? Do you offer a higher level of customer service? By answering these questions, you can position yourself in the market and create a unique image for your brand that resonates with your target audience.

10. Personalisation

Personalisation refers to how you plan to tailor your marketing to individual sectors of your target market and buyer personas to resonate with them more effectively. 

In the digital age, personalisation in marketing has become easier than ever. Most search engines and social media platforms allow you to target your advertising to specific demographics, meaning you can tailor your messaging to different target audience segments.

You can also personalise your marketing messages by tailoring them to potential customers at different stages of the buying cycle, increasing your chances of conversion. For example, you can leverage email marketing and website analytics to reach out to customers who have abandoned their shopping carts and offer them a discount code.

The Value of A Marketing Mix

Clearly outlining your marketing mix through these ten elements will serve as a handy anchor to your business’s essential values and goals when developing your marketing strategy. The 10 Ps of marketing are also highly valuable if you plan on out-sourcing any of your marketing efforts or you need to pitch to investors – the 10 Ps can clearly convey the direction you want to take and how you plan to get there to any external parties.

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ABOUT THE AUTHOR

• Juliette Owen-Jones

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4Ps of Marketing (Marketing Mix with Examples) The 4Ps of Marketing or the Marketing Mix is one of the most basic concepts taught in Marketing. At the same time, it makes up for an extremely large part of a successful marketing plan. The fact is, the 4Ps of Marketing are really important because they, together, form the marketing strategy of your company. Let me tell you more about it.

Marketing mix - the 4Ps of marketing can never be overestimated when it comes to determining the success or failure of a marketing campaign.

In this article, I will explain to you what is marketing mix and also each of the 4Ps of marketing mix. Not just that, I will share with you four examples of how each of these elements of marketing mix makes a lot of difference in marketing.

Before that, let’s ponder over something basic. And also let me tell you what all I will be covering in this detailed article on the 4Ps of Marketing.

Let me begin by telling you, what exactly is Marketing Mix all about?

What is Marketing Mix? 

Marketing Mix is ideally a brilliantly coordinated combination of Product, Price, Place and Promotion strategies.

I wrote about marketing it in detail in my blog post titled ‘But really, what is Marketing?’. In simple terms, you could say marketing is about “ putting the right product in the right place, at the right price, at the right time”.

That is what it really is.

That one statement defines everything, from what is marketing to what is marketing mix to how to create and deliver an amazing marketing campaign.

Source: thefinancialbrand . com

If you’re in marketing, you have some basic ingredients that you would use to create some magic out of your marketing plan, these ingredients are called the 4Ps of Marketing or the Marketing Mix.

What is Marketing Mix? Marketing Mix is a set of elements, the 4Ps, that are the four decision-making areas in Marketing . Again, getting any of these elements wrong may destroy the rest of the factors you got right.

This is true because, the 4Ps factors are interdependent and rely on one another for an effective strategy. And if you begin to think, any marketing decision that you take essentially lies in any one of these areas.

4Ps of Marketing and all other basic marketing concepts!

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What is the purpose of the 4Ps of Marketing Mix?

Its purpose is to ensure the creation and execution of a successful marketing strategy ; the attempt is to satisfy both the customer and the seller. You will often come across your managers telling you to create marketing plans.

And this is what a marketing plan predominantly covers. The purpose is to ensure that every marketing initiative that you take is brilliantly coordinated with each other.

Marketing incorporates all these physical and non-physical, real and perceptual attributes into four elements of the marketing mix.

The 4Ps is basically about asking relevant questions that will help you to define your marketing mix.

Let me explain to you each of the elements of the Marketing mix , or the 4Ps of Marketing here. Stay tuned for the later part of the article where I will share with you the examples for each of the 4Ps.

Product  

First, it is important to understand the problems your product is trying to solve, because without it, you don’t have a place in the market, and you certainly can’t sell or advertise something that doesn’t exist or doesn’t have any demand.

The key to get this element of the marketing mix correct is by writing down a product definition .

This should include what is your product , what is your target market and most importantly why is your product different from the alternatives out there.

A product can be a physical object, an intangible service, an idea, a campaign or even a personality.

Also, the Unique Selling Proposition of the product must be determined as well as the potential buyers of the product.

There are questions you need to ask when you want to determine the kind of product you should have. They include:

• What problems can this product solve for customers?
• What features are included in the products to meet this need?
• What will differentiate it from the competitor’s own if any?
• How is it supposed to be used by the customer?

Let me know take you through the second P of the 4Ps of marketing - which is Price .

Price  

The price of a product should reflect its value to the customer. This also entails the relative price versus quality level that the product maintains against the competitors.

The marketer’s challenge is to come up with a price that is attractive to consumers while still turning an acceptable profit for the company.

The price of a product will directly affect how it sells . This must be determined by what value the customers attach to the product rather than the objective cost of the product.

If the product is priced higher or lower than its perceived value, then it will be difficult to make sales. Simply put, the value of the product in the eyes of the consumer determines the price.

I have written a series of articles on how to price a product and those articles shall help you with this particular element of the 4Ps of the Marketing mix . Here are some of those posts:

• How to Price your Product – The Fundamentals
• How to Price your Product better in 8 Steps (Part 1 of 2)
• How to Price your Product better in 8 Steps (Part 2 of 2)

Hence, if the value is low or negative , the product may need to be under priced to make sales.

The questions to ask here are:

• What is the perceived value of the product to the buyer?
• What is the market fixed price for this kind of product?  
• How much is your price when compared with the competitor’s?  

Moving on to the third element of the marketing mix and the 4Ps of Marketing - the Place .

Place  

There is a way how the product will be provided to the customer , this is the “Place” factor. Once the place has been decided, the marketing channel to reach the customer is chosen.

The place refers to where the product is to be sold (distribution) .

In the past, this meant how visible your product was in the physical marketplace. In today’s modern world: where your product appears on the Internet is even more important because your reach online can be global whilst as your reach in the physical marketplace is limited by physical space.

You can determine this by answering questions like:

• Where is the first place buyers check when looking for your kind of product. Is it a store, or a boutique, or maybe they check a catalogue?
• How can you determine the best distribution channels?
• Do you need to take a multi-channel approach? If yes, then which channels?

And finally, let me tell you about the 4th element of the marketing mix - Promotion .

Promotion  

Promotion refers to the marketing communication methods used to inform, persuade, and remind the target market of the product or services , basically any interaction that your company has with the consumer regarding your product.

This may include advertising, sales, promotions, special offers, and public relations.  Promotion is quite different from marketing, because promotion is the communication aspect of the entire marketing function.

The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. 

• What are the promotion methods of your competitors?
• Which digital channels does your target market use often?
• What is the return-on-investment from each of the promotion channels?

After a brief explanation of the Marketing Mix and the 4Ps of Marketing , I am going to talk about them in a more direct and practical way. I explain elements of marketing mix with examples to show you how simple (and impact driven) the Marketing Mix can be.

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4Ps of Marketing - Video Explanation

Here is a decent video that I found on the 4Ps of Marketing. Purely Branded, explains in brief what the 4Ps of Marketing are all about and how to use them. For all of you who like to watch videos, I suggest you to have a look at it.

4Ps of Marketing - How to develop the Marketing Mix?

If you were to ask me the steps to determine the 4Ps of Marketing Mix , I would suggest to you the following 4 steps.

As you use these four steps in your marketing projects at your college or your work, you will realize that these are the exact steps that will help you bring out the best and the most coherent marketing plans.

4 Steps to Develop the 4Ps of Marketing Mix

• Identify the product to be analyzed. 
• Answer the 4Ps questions surrounding this product. 
• After getting a well-defined marketing mix for the 4Ps, try relating them with the 4Cs (i.e. from the customer's perceptive).      a. Product - Consumer Value      b. Price - Cost      c. Promotion - Communication      d. Place - Convenience
• Review your marketing mix regularly, because things can change.

4Ps of Marketing - Key Features

I had to write this out as a separate section because of how important it is for you to understand the nuances attached with the 4Ps of Marketing.

Let me share with you the 4 points, the 4 features that will make a lot of difference in your understanding of the marketing mix.

They are Interdependent variables. That is, they have different functions, but they must work together. One can hardly do without the other.

The 4Ps of marketing are flexible in such a way that, you can always play around with each of the variables. See the the 4Ps of Marketing as the four lever that you as a Marketing Manager will have with you to pull and do different things with.

Constant monitoring is required to make sure that the elements in the marketing mix stays relevant and updated. Again, as I mentioned, they are lever you can play around with.

The focal point of the marketing mix activity are the customers . Therefore, as I mentioned in one of the paragraphs above, you should at all times evaluate the 4Ps of the Marketing Mix from the 4Cs stand-point, i.e. the standpoint of the customers.

Elements of Marketing Mix with Examples

In this part of the article, my aim is to give you a feel of the four elements of the marketing mix through relevant real-world examples of the 4Ps of marketing . 

In each of these examples, I will take you through those examples that caught my attention and will help you understand the concepts better.

Product: Coca-Cola Life  

When you come to know that there is a Coca-Cola with the Green Label somewhere in the world and that it is still not sold worldwide you probably think

“What-The-H...?”.

Most people still find it weird but after years of dominating the market with the product and powerful advertising campaign, Coca-Cola found itself in a world where everyone wanted to feel more sustainable and healthier.

So, after 5 years of research, they came up with the Coca-Cola Life , with less sugar and stevia, a natural sweetener.

After a Market test in Chile and Argentina, the product was launched in different countries of the world.

What does this teach about the first P of the marketing mix?

Well, that products must always respond to the needs of the market .

No matter how strong your starting position is, no matter how strong your marketing is (so strong that in the case of Coca-Cola they influenced the way the Western World sees Christmas), there are moments where you have to start from a product.

Seth Godin said: Don’t find customers for your products, find products for your customers.  

Price: Organic Apples aren’t Cheap  

Pricing doesn’t just mean: go as lower as you can to attack the market.

The Book “Ecological Intelligence” by Daniel Goleman talks of how producers and sellers of organic products must raise prices otherwise none will believe it’s REALLY organic!

This is the concept of Price Positioning on which I happen to have done a blog post some weeks back. 

Same happens with Apple: considering the hardware and the competition they can be defined unreasonably overpriced but if Apple will launch a new iPhone for 200$ the strong Apple fan base most probably will not react in a positive way.

So, choosing one price instead of another can automatically identify your product to your customers. 

Also Read:  Edible Cutlery won't sell until you do this

Place: Don’t tell everyone what you did last Friday  

Another mistake that most people do is trying to get through as many channels as possible . A lot of “improvised” entrepreneurs without any education in that make this mistake to multiply their distribution channels. 

The problem is that people will also judge not just what you sell and how much you charge for it, but also where they see you.

Imagine that in your city there is a club that is famous for being a place where illegal activities happen.

Now imagine you end up there on a wild Friday night and your partner’s dad finds out: won’t he get a really bad impression of you?

At the same time, your friends will think you are a real bad-ass. 

So, the place where you are seen can give you a certain identity according to your target. You want your friends to know where you were Friday night but not your in-laws.

 This is the same reason certain brands decide to only sell in their own stores, others don’t sell online and some only sell online: you have to select your sales channels carefully. 

Promotion: Loud Enough doesn’t mean Louder  

This point can get into thousands of pages without saying anything. With the concept of promotion, you talk about marketing, advertising, sales strategy and a lot more. 

What people hardly understand at the beginning is that in a crowded market like our World, being loud enough to be heard in the constant buzz doesn’t mean being louder than everyone.

So, the promotion has nothing to do with exaggerated claims, fake claims, obsessive  advertising and all these old-school-tricks .

Yes, they still work for others in certain cases, but they don’t give long-lasting positive fame and sooner or later it will ruin your business.

These old tricks work when you didn’t work on the marketing mix for real (maybe because you don’t have anything valuable to sell) so you have to work all with the promotion.

We tend to think that the 4th P is the most important but this is just because it is the tip of the Iceberg. Promotion is what you see more but there is a lot more than you don’t see. 

Conclusion  

At the end of the day if you want to succeed in business you have to be looking to create long-lasting relationships with your customers. 

The four elements must be in harmony and none most portray conflicting messages. The marketing mix must be customer-centric, that is why the 4Cs must be used alongside the 4Ps while determining answers to the variables.

• The price must be a cost the customer can afford
• The promotion must solely be based on communicating with the customers
• The product must offer a solution to the problem of the customer
• The place must be one that is convenient for the customers to reach  

And, just as in your personal life, you don’t create any long-lasting relationships by shouting loud, showing off and lying.

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What Is Marketing Mix And Why It Matters In Business

The marketing mix is a term to describe the multi-faceted approach to a complete and effective marketing plan. Traditionally, this plan included the four Ps of marketing : price, product, promotion, and place. But the exact makeup of a marketing mix has undergone various changes in response to new technologies and ways of thinking. Additions to the four Ps include physical evidence, people, process, and even politics.

Table of Contents

Understanding marketing mix

While many understand marketing as “putting the right product in the right place, at the right price, at the right time,” few know how to implement this in practice.

Identifying the individual elements of a marketing mix and then creating robust plans for each allows a business to market accordingly.

It also allows a business to market to its strengths while minimizing or eliminating its weaknesses. 

At the very least, a marketing mix should include the four Ps of marketing :

This can include a tangible good or an intangible service.

Businesses must understand their product or service in the context of the problem that it aims to solve.

If the product does not seem to address any problem, then the potential profitability of the product should be re-analyzed.

The target audience, or those who will buy the product, must also be identified.

Price has a direct impact on how well a product will sell and is linked to the perceived value of the product in the mind of a consumer.

In other words, price is not related to what the business thinks the product is worth.

Thus, it is important to know what the consumer values and price it accordingly.

To a lesser extent, price may also be influenced by rival products and value chain costs.

Promotion includes all marketing communication strategies, such as advertising, sales promotions, and public relations.

Irrespective of the channel, communication must be a good fit for the product, price, and target audience.

Place describes the physical location in which a customer can use, access, or purchase the end product.

Determining where buyers look for a product or service may seem simplistic, but it has implications for marketing and product development.

For example, place determines which distribution methods are most suitable.

It also dictates whether a product needs a sales team or whether it should be taken to a trade fair to be sampled and advertised.

Other elements of an effective marketing mix

Conventional marketing mixes are product-centric, but services and other intangible goods are also commonplace for many businesses.

People, process, and physical evidence are three more Ps that these businesses should implement.

People refers to the staff who are directly and indirectly involved in marketing the brand.

Employing the best people for the job is crucial since people shape the direction of the brand and therefore the goals and values of the business.

Process covers the interface between business and consumer, otherwise known as customer service.

Process is important because customers often give feedback on their service, which enables a business to improve its systems across the board.

Effective processes should make purchasing pleasing and simple while simultaneously increasing brand equity.

• Physical evidence

Physical evidence describes anything that consumers see when interacting with a brand. Physical evidence can take the form of packaging, branding, and even the physical layout and design of retail spaces and shop fronts.

Physical evidence also extends to how staff dress and interact with customers and the possible impact that this has on sales.

Principles of the Marketing Mix:

• Alignment: The elements of the marketing mix should be aligned with the overall marketing and business objectives.
• Customer-Centric: The marketing mix should be designed with a deep understanding of customer needs and preferences.
• Adaptation: It may need to be adjusted over time to respond to changes in the market, competition, and consumer behavior.
• Integration: The elements of the marketing mix should work harmoniously to create a consistent and compelling marketing strategy .

Advantages of the Marketing Mix:

• Strategic Planning: It provides a structured framework for developing marketing strategies.
• Customization: The marketing mix allows businesses to tailor their approach to specific target markets.
• Market Expansion: It facilitates entry into new markets and the launch of new products or services.
• Competitive Advantage: Effective use of the marketing mix can create a competitive edge in the marketplace.

Challenges of the Marketing Mix:

• Complexity: Balancing and optimizing the four elements can be complex, especially in dynamic markets.
• Changing Consumer Behavior: Consumer preferences and behaviors may evolve, requiring adjustments to the marketing mix.
• Resource Allocation: Effective use of the marketing mix often involves resource allocation decisions.
• Global Considerations: In the case of international markets, cultural and regulatory differences may impact the marketing mix.

When to Use the Marketing Mix:

• Product Development: During product development, the marketing mix helps define the product’s features and positioning.
• Market Entry: When entering new markets or launching new products, it guides market entry strategies.
• Competitive Response: In response to changing competitive dynamics, businesses can adjust their marketing mix to maintain or gain market share.
• Strategic Planning: The marketing mix is a central component of strategic planning for businesses of all sizes.

What to Expect from Using the Marketing Mix:

• Market Responsiveness: Effective use of the marketing mix can lead to improved responsiveness to market demands.
• Customer Engagement: It enhances customer engagement by delivering products and services that meet their needs.
• Revenue Growth: A well-implemented marketing mix can contribute to revenue growth and market expansion.
• Brand Building: The marketing mix plays a significant role in building and strengthening brand identity.

Long-Term Impact of the Marketing Mix:

• Sustainable Growth: Businesses that consistently adapt and optimize their marketing mix are better positioned for sustainable growth.
• Competitive Edge: A strong marketing mix can provide a sustained competitive advantage.
• Brand Equity: Over time, the marketing mix contributes to the development of brand equity and customer loyalty.
• Innovation Culture: A focus on the marketing mix fosters a culture of innovation in product development and marketing strategies.

Key highlights

• Marketing mix refers to a suite of actions that a business uses to promote its products or services in the market.
• Marketing mix should as a minimum have strategies devised for product, price, promotion, and place.
• Service-oriented businesses should adopt a broader marketing mix, otherwise known as the seven Ps of marketing.

What is marketing mix modeling and why it matters to understand how to balance your marketing mix?

Marketing mix modeling (MMM) is a statistical method for evaluating marketing campaign effectiveness.

The method quantifies the impact of multiple marketing inputs on market share or sales which then determines how much to spend on each.

Understanding marketing mix modeling

Marketing mix modeling uses statistical analysis to analyze the past and future impact of different marketing tactics on sales or profit.

The approach is based on the popular 4 Ps marketing mix theory.

In essence, the purpose of MMM is to measure the past performance of a campaign and improve future marketing return on investment (MROI).

Conclusions drawn from the statistical analysis then determine how resources can be better allocated across various tactics, products, segments, and markets.

Marketing mix modeling utilizes the multi-linear regression (MLR) statistical technique to assess the relationship between dependent and independent variables.

The dependent variable is normally market share or sales, while the independent variable could be price, distribution, or ad spend for different channels.

The four phases of marketing mix modeling

Each MMM project has four distinct phases that we have explained in detail below.

Phase 1: Data collection and integrity  

In the first phase, the business collects data on the products to be analyzed, the desired timeframe, and the markets to be modeled.

The sales performance metric should also be quantified at this point.

Will it be volume, units, sales, or some other metric?

Brand margin rates and marketing spend should also be determined so that the MROI can be calculated later on.

MMM also requires the business to use data that will yield the best results. In other words:

• Has the best available data been incorporated? 
• Is the data consistent over the entire life cycle?
• Are there multiple years of data to account for factors such as seasonality?

Before moving to the next phase, key project stakeholders should also hold a review session to ensure data integrity.

In some cases, data will have to be aggregated or cleansed before moving forward. 

Phase 2: Modeling

In the second phase, brand managers must collaborate with their internal analytics staff to discuss statistical details, specifications, and methods.

We noted earlier that a multi-linear regression is commonly used, but other methods such as time-series regression are also used. 

Ultimately, the method chosen will depend on the organization’s goals, data quality, and in some cases the entity providing the statistical analysis on behalf of the client.

Phase 3: Model-based business measures

Once the statistical analysis has been performed, it will produce output data that measures how each tactic impacts sales.

The data must also answer or address the overarching purpose of the project, with many organizations choosing to frame project purpose as questions such as:

• What is the best marketing plan to maximize future net profits with respect to the current and future budget?
• For a particular demographic, what are the most efficient or effective marketing tactics?
• What is the impact of advertising on consumer price sensitivity?
• Which competitor advertising campaign is having the most negative impact on sales?

Most MMM projects will also feature a pie chart showing the decomposition of sales where sales volume is broken down according to each tactic.

These charts separate two types of tactics:

• Core tactics – or those not controlled by the marketing team such as seasonality, distribution, weather, and competitive trade. Core tactics can also encompass the sales that would occur in the total absence of any promotional effort.
• Incremental tactics – or those that are controlled by the marketing team.

Once a decomposition of sales has been performed, the organization can calculate three important metrics:

• Effectiveness – which is determined by dividing the number of incremental sales by each marketing effort.
• Efficiency –  where incremental sales are divided by the expenditure of each tactic. This is normally the total media spend, and
• Marketing return on investment – the MROI can be calculated by dividing the gross profit of each tactic by its total spend.

Phase 4: Optimization and simulation

In the final phase, MMM outputs are transformed into inputs for future marketing campaigns. 

Simulations help the organization model the impact of a new tactic before it is used in a real-world scenario.

They also enable teams to determine the best combination of tactics that will enable them to achieve campaign goals.

Marketing mix modeling examples

In the past few decades, marketing mix modeling has been adopted by several Fortune 500 companies such as Kraft, The Coca-Cola Company, Pepsi, AT&T, and Proctor & Gamble.

While there has been particular interest from consumer packaged goods (CPG) companies, others now use MMM because of the increased prevalence of companies providing these specialist services.

Indeed, marketing mix modeling is popular in the retail and pharmaceutical industries because firms like Nielsen can provide syndicated data on stores, product categories, geographic markets, and distribution channels .

What’s more, the increased availability of time-series data has also seen MMM incorporated into industries such as telecommunications, financial services, hospitality, and automotive.

However, in these industries, it is acknowledged that marketing mix modeling is still in its infancy and will require further standardization to be effective.

MMM case study for Facebook advertisers

Facebook (now Meta) is one of several modern platforms that offer a family of services and apps that have dynamic and nuanced advertising needs.

Since consumer preferences are in a constant state of flux, this makes it difficult for brands to assess the impact of Facebook advertising compared to traditional channels such as television and print.

A standard marketing mix modeling project assesses data from two or three years. But for online social platforms, data over this time span may become outdated.

To counteract this tendency, Facebook recommends advertisers analyze data over a 6 to 12-month period.

They should then adjust their methods to account for the statistical power that is sacrificed when analyzing a shorter time frame. 

Professional services company Accenture ran multiple MMM analyses in 2021 for disruptor brands requiring a reliable and cost-effective system to optimize their promotional efforts and produce actionable and granular results.

How was this achieved?

Tailored data was first sourced from Facebook, Instagram, and Audience Network, which considered standard engagement metrics such as clicks but also paid impressions.

Data were then integrated with machine learning techniques such as the Bayesian belief network to analyze potential synergies between multiple channels.

This involved analyzing the relationship between six independent variables (video, display, Facebook app, organic search, Instagram, and paid search) and their dependent online and offline channels.

The results of the analysis showed how various marketing channels could drive impacts across other channels. A few of the more significant results are listed below:

• Drivers of paid search – paid search (78%), offline drivers (10.9%), and organic search (5.5%).
• Drivers of Facebook app – Facebook app (87.6%), offline drivers (7.4%), and display (4.0%).
• Drivers of Instagram – Instagram direct (87.9%), video (6.0%), and Facebook app (3.7%).

In summary, Accenture found that disruptor brands that focus their resources on social, organic search, and offline channels could better impact paid search and, ultimately, increase their web traffic.

Key highlights on marketing mix modeling

• Marketing mix modeling uses statistical analysis to analyze the past and future impact of different marketing tactics on sales or profit. The approach is based on the popular 4 Ps marketing mix theory.
• Each marketing mix modeling project should have four distinct phases: data collection and integrity, modeling, model-based business measures, and optimization and simulation.
• MMM is popular among consumer packaged goods companies such as Kraft, The Coca-Cola Company, Pepsi. It is also useful for brands advertising on social media platforms such as Facebook where markets and consumer behavior are more dynamic.

Amazon marketing mix case study

How does Amazon balance product, price, promotion, and place to create and sustain its competitive advantage?

Let’s delve into Amazon’s marketing mix below.

Amazon offers a diverse selection of products to maintain its status as the foremost company in online retail.

These products support the  company’s mission and vision  and, thanks to continued expansion, can now be found in industries such as cloud infrastructure, database services, content production, artificial intelligence, gaming, and pharmaceuticals.

Amazon’s core product remains its eCommerce platform where the company sells private-label and third-party items to consumers across categories such as consumer electronics, art, home appliances, sports and outdoors, car accessories, jewelry, and home improvement. 

Through its highly successful Amazon Prime membership program, the company offered free expedited delivery and discounted priority and residential express delivery.

Prime members also receive access to exclusive discounts and Amazon’s video, music, and e-book platforms.

Amazon primarily uses market-oriented pricing to attract customers to its eCommerce platform.

Prices for the company’s private label Amazon Basics range are based on similar products sold by competitors. 

As a retailer with a near-global presence, Amazon also uses the price discrimination strategy to vary prices for identical products according to region.

For example, the price of a Samsung television in Spain may be different to the price offered to consumers in the USA.

This enables the company to adjust prices based on local market conditions, consumer preferences, and perceived product value. 

More generally speaking, Amazon uses technology to set and adjust prices based on the time of day, season, and competitor activity.

It also cleverly prices its Prime membership option to attract customers who want to take advantage of deals and discounts.

In addition to marketing to broader audiences, Amazon also markets to individuals by analyzing their shopping habits and purchase behavior.

Using this information, it strives to turn one-time visitors or buyers into repeat, high-value, long-term customers.

To attract repeat purchasers, the company frequently promotes its fast delivery.

Amazon promotes is various products and services with ads on other websites, newspapers, billboards, television, and social media.

The Amazon Affiliate Program – one of the largest in the world – is also a vital promotional channel for the company with around  1.235 million affiliate sites  advertising or reviewing products on the Amazon website.

Amazon is primarily an online business that reaches customers on Amazon.com and its various region-specific derivatives. 

However, the company does operate in the real world to some extent. Its acquisition of Whole Foods Market in 2017 allowed it to establish a bricks-and-mortar supermarket presence.

Amazon also operates several Amazon Fresh and Amazon Go stores, with the latter a chain of convenience outlets without cashiers where consumers pay for goods using an app.

In August 2021, Amazon announced it would open several new physical retail stores  to extend its reach across electronics, home goods, and clothes.

Many see this move as a way for the company to own as much of the retail industry as possible.

Case Studies

• Product: High-quality smartphones, laptops, and wearables with sleek designs.
• Price: Premium pricing strategy for a perception of exclusivity.
• Place: Apple Stores, authorized retailers, and online store.
• Promotion: Creative advertising campaigns and product launches.
• Product: A menu of burgers, fries, and beverages.
• Price: Value meals, combo pricing, and occasional promotions.
• Place: A network of drive-thru outlets, dine-in restaurants, and delivery services.
• Promotion: Television ads, social media campaigns, and Happy Meal toys.
• Product: A range of vehicles from compact cars to SUVs and hybrids.
• Price: Competitive pricing with options for customization.
• Place: Dealerships, showrooms, and online configurators.
• Promotion: Television and digital advertising, sponsorships, and test drive events.
• Product: Trendy clothing and accessories for men, women, and children.
• Price: Competitive pricing with seasonal sales and discounts.
• Place: Brick-and-mortar stores in prime locations and an online store.
• Promotion: Seasonal fashion shows, social media marketing, and email newsletters.
• Product: A range of banking services including checking accounts, savings accounts, loans, and credit cards.
• Price: Fee structures, interest rates, and introductory offers.
• Place: Physical branches, ATMs, and online banking platforms.
• Promotion: Advertising financial products, referral programs, and online tutorials.
• Product: Various types of accommodations from luxury resorts to budget-friendly hotels.
• Price: Room rates, loyalty programs, and seasonal discounts.
• Place: Hotel locations, booking websites, and travel agencies.
• Promotion: Online advertising, partnerships with travel websites, and loyalty rewards.
• Product: Software suites for productivity, collaboration, and communication.
• Price: Subscription-based pricing models and one-time purchases.
• Place: Online stores, authorized retailers, and corporate licensing.
• Promotion: Product demos, webinars, and advertising tailored to specific business needs.
• Product: A wide range of beverages including carbonated soft drinks, juices, and bottled water.
• Price: Various pricing strategies, including premium pricing for specialty products.
• Place: Distribution through supermarkets, convenience stores, and vending machines.
• Promotion: Extensive advertising campaigns, sponsorships, and product placements.
• Product: Comprehensive medical services, research, and patient care.
• Price: Transparent pricing for medical procedures and insurance coverage.
• Place: Hospitals, clinics, telehealth platforms, and partnerships.
• Promotion: Healthcare seminars, educational content, and patient testimonials.
• Product: An extensive online marketplace offering a wide range of products.
• Price: Competitive pricing, discounts, and subscription services (e.g., Amazon Prime).
• Place: Online platform accessible worldwide.
• Promotion: Personalized recommendations, customer reviews, and Prime Day sales events.

Key Highlights:

• The marketing mix encompasses a comprehensive strategy for effective marketing planning.
• Traditionally, it consisted of the four Ps: Product, Price, Promotion, and Place.
• Additional elements have been introduced, including Physical Evidence, People, Process, and even Politics.
• A well-rounded marketing mix involves creating plans for each element to address strengths and weaknesses.
• It ensures that marketing efforts align with the target audience and the problem the product or service solves.
• Product: Tangible goods or intangible services that address specific problems and target audiences.
• Price: Directly affects sales and is linked to perceived value in the consumer’s mind.
• Promotion: Includes marketing communication strategies like advertising, sales promotions, and public relations.
• Place: Refers to the physical location where customers can access or purchase the product.
• People: Refers to staff involved in marketing the brand, influencing its direction and values.
• Process: Encompasses customer service and ensures effective interactions and purchasing experiences.
• Physical Evidence: Anything consumers see when interacting with the brand, including packaging, branding, and more.
• Marketing Mix Modeling (MMM) is a statistical method to evaluate marketing campaign effectiveness.
• It quantifies the impact of various marketing inputs on market share or sales to optimize resource allocation.
• MMM involves four phases: data collection and integrity, modeling, model-based business measures, and optimization and simulation.
• Facebook used MMM to analyze its advertising impact compared to traditional channels.
• Analyzing 6-12 months of data, Facebook adjusted methods to account for the dynamic nature of social media.
• Accenture ran MMM analyses, integrating data from Facebook and other channels to optimize promotional efforts.
• Product: Amazon offers a wide range of products and services, including eCommerce, cloud infrastructure, content production, and more.
• Price: Utilizes market-oriented pricing and price discrimination based on regions and market conditions.
• Promotion: Targets individuals by analyzing shopping habits and uses ads, promotions, and affiliate programs.
• Place: Primarily operates online but also has physical retail presence, such as Whole Foods and Amazon Fresh stores.

What are the 4 types of marketing mix?

The four main elements of the marketing mix are:

What is 7 P's marketing mix?

The 7 P’s marketing mix is an extension of the traditional marketing mix. In a 4 Ps marketing mix, you get Product, Price, Promotion, and Place. In a 7 Ps marketing mix variation, you get three other elements:

Why is marketing mix important?

A marketing mix is critical as it enables companies to structure an effective marketing strategy by understanding the main channels that can be leveraged to build a viable business.

In some instances, some channels will be more critical in a marketing mix strategy .

Over time, it will be critical to balance out various channels as part of the marketing mix to build a solid business model.

Visual Marketing Glossary

Account-Based Marketing

AARRR Funnel

Affinity Marketing

Ambush Marketing

Affiliate Marketing

Bullseye Framework

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Brand Dilution

Brand Essence Wheel

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Brand Positioning

Business Storytelling

Content Marketing

Customer Lifetime Value

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Developer Marketing

Digital Marketing Channels

Field Marketing

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Go-To-Market Strategy

Greenwashing

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Integrated Communication

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Integrated Marketing

Marketing Mix

Marketing Myopia

Marketing Personas

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Net Promoter Score

Neuromarketing

Newsjacking

Niche Marketing

Push vs. Pull Marketing

Real-Time Marketing

Relationship Marketing

Reverse Marketing

Remarketing

Sensory Marketing

Services Marketing

Sustainable Marketing

Word-of-Mouth Marketing

360 Marketing

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1.2 The Marketing Mix and the 4Ps of Marketing

Learning outcomes.

By the end of this section, you will be able to:

• 1 Define and describe the marketing mix.
• 2 List and explain the 4Ps of marketing.

Marketing Mix Defined

Having a great product or service is just the first step in establishing a successful business or building a successful brand. The best product or service in the world won’t translate to profits unless people know about it. How do you reach customers and help them connect with your product? That’s the role of the marketing mix.

The marketing mix is commonly referred to as the tactics a company can use to promote its products or services in the market in order to influence consumers to buy. The marketing mix is also known as the 4Ps: product, price, place, and promotion (see Figure 1.4 ). Let’s look more closely.

• The product is the good or service that the company provides.
• The price is what the consumer pays in exchange for the product.
• The place is where the product is purchased.
• Promotion is comprised of advertising, sales, and other communication efforts the company utilizes to attract the customer.

The 4Ps of Marketing

To this point, we’ve been talking marketing in somewhat of an abstract manner. Instead of continuing with a theoretical discussion of the marketing mix and the 4Ps of marketing, we’re going to approach these topics using an example of a product you probably already own—a backpack. Let’s get started.

Remember: product refers to a good or service that a company offers to its customers. Let’s consider a product that many of you likely own as a college student: a backpack (see Figure 1.5 ).

In terms of the first of the 4Ps, marketing analyzes the needs of consumers who buy backpacks and decides if they want more and/or different bags. For example, marketing will analyze what features consumers want in the bag. Do they want a water bottle pocket, padded shoulder straps, reflective tape, a padded laptop sleeve, or organizer pockets? Think about your own bag for a moment: Why did you buy this particular product? What features did it have that made it appealing to you?

Armed with market research knowledge, marketing then attempts to predict what types of backpacks different consumers will want and which of these consumers they will try to satisfy. For example, are you selling bags to adults for their children’s use? Are you selling them to young adults who might want more (or different) graphics on the bag? Are you selling to adults who will use these bags for work or for school?

Marketing will then estimate how many of these consumers will purchase backpacks over the next several years and how many bags they’ll likely purchase. Marketing will also estimate how many competitors will be producing backpacks, how many they’ll produce, and what types.

Price is the amount consumers pay for a product or service. There’s a delicate balance here. On one hand, marketers must link the price to the product’s real or perceived benefits while at the same time taking into consideration factors like production costs, seasonal and distributor discounts, and pricing product lines and different models within the line.

Marketers attempt to estimate how much consumers are willing to pay for the backpack and—perhaps more importantly—if the company can make a profit selling at that price. Pricing products or services can be both an art and a science. In the case of our backpack example, the company wants to determine two things:

• What’s the minimum price that the company can charge for the backpack and still make a profit?
• What’s the maximum price that the company can charge for the backpack without losing customers?

The “correct” answer usually lies somewhere in between those points on the price continuum.

Promotion includes advertising, public relations, and many other promotional strategies, including television and print advertisements, internet and social media advertising, and trade shows. A company’s promotional efforts must increase awareness of the product and articulate the reasons why customers should purchase their product. Remember: the goal of any promotional activity is to reach the “right” consumers at the right time and the right place.

In terms of our backpack example, marketing now needs to decide which kinds of promotional strategies should be used to tell potential customers about the company’s backpacks. For instance, should you use TV advertisements to make customers aware of the backpack? If so, you’ll want to run your commercials during programs that your target audience watches. For example, if you’re selling backpacks to children (or trying to entice them to badger their parents to purchase them), children’s cartoons may be the most cost-effective avenue to reach your target market. If your backpacks are designed for work or school, you’ll likely decide to advertise on television programs that target younger adults.

Link to Learning

Netflix, jansport, and stranger things.

A real-world promotional example is the recent brand partnership between Netflix and JanSport , the backpack company. These two companies collaborated on a Stranger Things –branded backpack with the launch of the fourth season of Stranger Things in 2022. This collaboration created five Hawkins-inspired backpacks centered on various Stranger Things themes. Read more about this promotion and see the backpacks here .

Perhaps you’ll decide to run magazine print ads. If so, you’ll need to decide in which magazines you’ll place the ads. Most magazines have a very specific readership demographic consisting of factors such as age, gender, and interests. If you’re going to advertise those backpacks with print ads, you’ll want to leverage readership demographics to ensure that your message is being seen by the right consumers—those who are most likely to buy your backpacks. 18

What about internet advertising? Internet advertising (sometimes known as online advertising or digital advertising) is a promotional strategy in which the company utilizes the internet as a medium to deliver its marketing messages. If you’re going to go the digital route, what types of internet advertising will you use? Search engine marketing? Email marketing? Social media ads? TikTok videos?

Place considerations focus on how and where to deliver the product to the consumer most likely to buy it. Where did you buy your backpack? Did you buy it in a big box store, online, in an office products store, or perhaps even the school bookstore? Once again, through market research, marketers determine where potential customers will be and how to get the company’s backpacks to them.

One important factor to note about the importance of place in the marketing mix is that it doesn’t refer to the location of the company itself but rather to the location of the customers or potential customers. Place deals with strategies the marketer can employ to get those backpacks from their present location—a warehouse, for example—to the location of the customers.

Knowledge Check

It’s time to check your knowledge on the concepts presented in this section. Refer to the Answer Key at the end of the book for feedback.

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7Ps of Marketing Mix: Explained well with examples

Learn everything about the 7Ps of Marketing mix, Understand why this concept is still relevant today and will be relevant for the foreseeable future. The 7Ps of Marketing is the Price, Place, Promotion, Product, People, Process and finally, Physical Evidence.

It originally started as 4 Ps, but as the world, and the complexities of marketing grew; 3 more were added to formulate an effective marketing strategy. The ‘P’s stand for each of the pillars of a marketing strategy, and together are a part of the concept called the ‘marketing mix’. The term ‘marketing mix’ sounds a little confusing, but in essence, it is a foundation model for businesses. More easily explained, it is the operational part of a marketing plan- the nuts and bolts of it.

Funfact, there are actually 9Ps of Marketing: The above 7+2 viz. Packaging and Payments. But the 7Ps are popular given their wide and timeless application in the World of Marketing. Anyway, let’s just straight in the post.

The 7Ps of Marketing: With Examples

We can understand this with the example of a rainbow. The 7 colours of a rainbow and the 7Ps in a marketing mix bear a resemblance. Just as not all rainbows have the same the composition of the VIBGYOR colours, the same way every marketing plan is unique and contains varying amounts of the 7Ps of the marketing mix. The components are explained in the following points

One very important aspect of any product/success being a success in the market is the price at which it is marketed. The first colour of the marketing mix rainbow is one of the determining factors of what the people will see. Marketers tread very carefully while setting a price that is a win-win situation for both the company as well as the consumers.

There are several pricing models. One of the most famous ones is Competitive Pricing Strategy as is used by Coca-Cola. Coca-Cola’s main aim is to penetrate the markets and achieve the highest market share without compromising on its customer base and product positioning. Thus, the company charges its consumers what its competitor Pepsi is charging. It’s a simple, yet highly competitive strategy as the name suggests.

It is the channel through which your company’s goods/services get moved from the manufacturer to the consumer. Your good/service will need to be brought into the market through a mechanism, and ‘place’ is exactly that- a way for your offering to be seen by the correct audience. An example of this element of the marketing mix can be the numerous branches of McDonald’s all over the world. Almost every country in the world either has a McDonald’s franchisee, or knows of it. And each country has its unique menu, with the standard guarantee of tasty food, served fast, at low prices.

The Product

This is the P that starts it all. The need for this P to be known, positioned, and showcased gets the marketers working hard at strategies. ‘Product’ is the offering that your company has for the market whether it is a tangible good or intangible good (services). The product development has various stages, and it is instrumental in being the deciding factor in many strategies. Various aspects of a product like the product life cycle, the type of need it services, and its positioning come into play with this P.

We can consider the example of Starbucks here, which was solely established to make good quality coffee and coffee beverages accessible to people. Starbucks’ approach to marketing is very focused on its product and the quality of the product provided to its customers.

The Promotion

Directly speaking, the mainstream meaning of the word ‘Promotion’ also applies here. The essence of promotion lies in the activities that a marketer does in order to showcase the product in the market in the right sense. Promotional activities involve multi-channel, multi-level marketing communications in the technical sense. In a more simplistic sense, these activities are the communications that the companies indulge in like advertising, direct calling, using social media channels, as well as print media. There are many instances of how promotional activities have set a product apart from its competitors in the industry. One such is the launch of Sony Xperia Z3 Dual in 2014 as an underwater pop-up store.

The Physical Evidence

Physical evidence is a part of the product. If your product is a tangible offering, then all of its material cues (packaging, business cards, brochures, company branding) will be taken notice of, by the consumers. However, these tangible cues are also attached to a product that is intangible. The example can be, every time you encounter a FedEx delivery vehicle, you’ll immediately recognize it because of its purple and orange color scheme. That’s how they’re set apart from all the other delivery companies.

All the people involved in the making, distributing, and selling of your company’s product are also essential. Mostly, services (intangible offerings) have marketing mixes which are focused on the people presenting the product. The employees you have in the store, the delivery personnels, the sales executives, all of it and more leave a lasting impression on the people. Hotels like Taj, Hyatt, JW Marriott are known for the people that work there to serve the consumers. These brands have established themselves and built loyal customer bases due to the kind of people they employ.

The Process

Process involves all the ways the company and its customers can engage in order to facilitate the product to reach the consumer. It’s a map of how the company and its offerings are accessible to the market. It isn’t just a means to an end, but a roadmap of the company’s operations.

Here again, we can consider Starbucks as it has so many different ways in which the company operates- joint ventures, retail store licensing operations, food service accounts, depending on which country they’re operating in. They have an interactive website in order to collect customer feedback and suggestions, which also tells people how accessible the company is for the consumers.

Now, rounding up these 7 colors of the rainbow. We see that all these aspects ring in something essential for the business to gain competitive advantage. Though every product, every industry will have a unique marketing mix, the underlying structure will always be based on these 7 elements.

The 9Ps of Marketing you say?

Well yes, in the recent times, there appears to have introduced 2 more Ps vs earlier mix, now making the concept 9Ps of Marketing mix. We’ll keep this one short given you’ve gotten the gist. The 8th P is Packaging. Why? Given how connected the packaging has become to a customers journey, we cannot really let this one go, can we? Take the example of Paper Boat, the reason it connects so well is because of the simple packaging.

The 9th P of Marketing is Payments, it talks about the initiatives that companies can undertake in order to make your payment procedure a little more simple. That is introduce one click payment, EMI options, etc.

Anyway, that is all.

And well, the Author

No, this isn’t the 10th P of marketing. However, we believe, given the world has evolved today, there must exist a new P, a new dimension of Marketing. Something around Data Analytics, maybe, Programming? eh?

Anyway, the piece was written by Mahek Mirchandani , a co-author at Casereads. We’ve uploaded 10+ MBA starter concepts to kick start your MBA journey, directly click here .

Before you go, if you liked this piece, and if you have a friend starting their MBA; Why not be a good friend and share this with them on WhatsApp ?

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Example of a Marketing Mix

Use marketing mix models to build your plan.

Marketing mix is key to your marketing plan. Use this example of a marketing mix and marketing mix models (such as a permission-based email marketing sample) to understand the most important elements of the marketing mix and to develop best-fit tactics and strategies for your business.

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Marketing mix is the balancing and managing of product, price, promotion and distribution or place decisions, tactics and strategies.

Planning your mix requires thorough research and development of an approach that will be strong enough to sustain competitive activity.

You need to develop your marketing plan with a clear understanding that the mix is a key element of your plan; developing a successful marketing mix is necessary to your small business growth and success.

Use Marketing Mix Models: Example of a Marketing Mix:

Note: It is important to recognize that marketing is not an exact science.

It is as much art, as science.

Each business will have different needs and different targets.

This example is to provide you with an overview of how marketing mix fits into your marketing plan and how to build your own marketing mix program.

Company Profile:

Law firm; $5 million in annual sales; business to business services company.

Law Firm Marketing Plan:

Focused on gaining new business (specifically in the small business B2B category) while retaining existing clients.

Sales Plan:

The primary goal is business-to-business sales growth of 10 percent in year one of a three year plan and an increase of 8% profitability.

Elements of the Marketing Mix:

Define the Service(s) : a services features list

• Management legal services
• Employment problem prevention
• Wrongful dismissal
• Severance proposals/packages
• Management and union relations and negotiation
• Human rights
• Workers safety, health, environment, and more

Define the Service(s): a benefits list

• High success rate in management-union negotiations
• Excellent reputation
• Timeliness: quick action and available outside of the regular hours
• Practical and cost effective advice
• Lean firm structure: easy and direct access your lawyer
• Strong understanding of business environment
• Comprehensive database to research similar cases
• Answers to your questions: solutions to your problems

Unique Advantages:

• Skills of highly trained and experienced staff
• Reputation as a highly successful negotiations firm
• Focus on industry-specific planning and implementation
• Focus on business to business environments
• Focus on bundle pricing strategies: for example - monthly retainer; annual retainer; all services bundled for a set rate; certain services bundled together for better pricing, e.g. employee problem prevention, wrongful dismissal and severance proposals/packages.
• Prices/billings compared and analyzed annually against top three competitors
• Costs analyzed monthly; cost containment and reduction a key strategy for competitive pricing
• Advertising programs: local newspapers, local radio, local magazines, business trade journals
• Personal selling: Sales and Marketing staff; face-to-face
• Direct marketing campaigns to targeted and existing clients; including permission-based email marketing
• Educational programs to existing clients and delivered to new clients
• Participation in business and trade associations: networking with clients
• Website: search engine optimized
• Newsletter: hot topics
• Local radio: weekly legal talk show (15 to 30 minutes)

Place or Distribution:

• Direct sales to business clients (this is also an advantage; you are close to your customers and will better understand their changing needs). Keep in regular contact (don't wait for them to call you).
• Selling via ecommerce through the company website; e.g. forms and counselling, etc.
• Another advantage of direct sales is that you control your pricing, although the market will dictate what it pays. Services are considered value added (for example,a value add is 24 hours a day call-in service).

Use this example of a marketing mix to build your own plan. Marketing mix models are extremely useful in building your marketing plan and actions; your business plan and actions; and strategy plan and actions.

You need to develop your plan with strong and effective tactics and strategies. Yes, it is a challenge to commit the time and resources but it is also a core activity for a successful small business strategy and business plan. Also, remember that your planning process is evolutionary (not static); you need to keep updating, adapting and changing with new and changing customers, services, competitors, suppliers and the environment you operate in (your marketplace).

More-For-Small-Business Newsletter:

For more timely and regular monthly information on managing your small business, please subscribe here., additional reading:.

Understand Competition Analysis and how to manage your competitive tactics.

Conduct an Industry Analysis to learn more about your marketplace.

Build strong Market Strategies to win more market share.

Or for more on how understanding market share will help your business compete, return from Define Market Share, Part 1 to What is Market Share? Part 2 .

Why is Product Differentiation a necessity to your Marketing Plan ?

Find out the Importance and Definition of Marketing .

Return from Example of a Marketing Mix to Define Marketing Mix (Part 2 of two parts on overall marketing mix).

Marketing mix planning is key to your strategy and needs to include: product , price , promotion , and the 4th P of Marketing: Place.

Or return to More For Small Business Home Page .

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Marketing and life–cycle.

Marketing is a requirement for all businesses: without marketing strategies and tactics your business will struggle to survive.

Not all marketing activities are planned: you might be building your brand recognition through a social media campaign (that's marketing); you might be conducting market research to analyze your competitors and/or segment and target your potential market or to develop the most desirable features, advantages and benefits of your products or services (that's all marketing).

Marketing is pretty all–encompassing; and a challenge for many business owners. The additional challenge is recognizing that the different stages of your business life–cycle: start–up, mid–cycle, mature or late–in–life.

During start–up you need to develop your marketing strategies to grow sales; for example, you might want to use a market penetration pricing strategy to build sales quickly.

During mid–cycle, you need to grow your customer base (often through lead generation) and that need requires different marketing strategies, such as cold calling on prospective clients, email marketing, newsletter and blog sign ups and distribution (all to grow your list of prospects).

During the mature cycle, you need to build your marketing efforts around your brand; your competitive advantage can be in your reputation, history, and identity and on what differentiates your business from your competitors.

Marketing your products and services is not something that you do once (such as a marketing plan) and then never change or do again. You need to be continually researching and building your strategies and tactics to be ahead of the market, and ahead of your competition.

The market is constantly evolving; ever more rapidly with the impacts of globalization and technology. You need to invest resources into marketing to ensure that you build and sustain your business.

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If you need support in your marketing efforts, or if you'd like a review of your marketing plan, contact us for more information on our marketing services.

If marketing is not your core strength, or if you don't have enough staff to commit to developing your marketing efforts (and acting on the plan), outsourcing your marketing strategy and implementation will allow you to concentrate on developing your business.

Start with a marketing plan that includes the necessary research, strategy development and implementation action plan. We provide you with the plan tactics, budget, schedule and key performance measurements.

Execute the plan yourself or have us at Voice Marketing Inc. manage the execution for you.

Once the plan is implemented, we report on the actions we've taken, the performance of the tactics employed, and on the results.

You'll feel confident that your business marketing is being effectively managed and continually evolving.

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by Saunder Schroeder • January 14, 2022

What is a Marketing Plan? [+ A Marketing Plan Example in 6 Steps]

By Saunder Schroeder

In past times, you could post an ad in the newspaper, pass out flyers, or advertise with a billboard, and it was enough to drive business to your door. These days, people are flooded with even more ads throughout the day via digital platforms like social media, TV, and streaming services.

Executing a data-driven marketing plan helps you efficiently reach your target customers who are most likely to be interested in your product or service. A good marketing plan is well researched and offers strategies designed to connect you to the people who would benefit most from your business.

Your marketing plan can be tailored based on your company size, specific goals, and marketing priorities. With the amount of research and work done to create one, starting your plan can be daunting. To alleviate that feeling, we offer marketing plan examples that you can refine to meet your specific business needs.

What is a Marketing Plan? 

Your marketing plan should paint a picture of where you fit into the market, including an analysis of your target audience, research on your main competitors, and action steps you can take to meet your goals. 

Next, it offers a marketing strategy you can use to improve your position to stand out to your best potential customers. 

Read on to see a marketing plan example for ideas on how you can write your own. Get more familiar with what you need to include in this marketing plan template  and come back to see examples for businesses of all sizes. 

Marketing Plan Examples

This sample marketing plan should give you an idea of how to complete your own. Yours will differ slightly based on your own goals and objectives, but the following example will show you what to consider and research when developing it. 

How you write your marketing plan will depend on the size of your business and your overall objectives. 

The plan for a large, international corporation will differ from that of a local boutique shop. But there are elements you need to include regardless of your business’ size. 

This detailed marketing plan example is written for a fictional small clothing boutique called Main Street Chic, specializing in mid-level, inclusive women’s wear. Each section includes additional marketing plan examples you can use to tailor yours.  

1. Executive Summary

In this section, break your marketing plan down into a simple summary. It should be detailed enough to convey relevant information to anyone who doesn’t have time to read through the entire plan. 

Introduce your business, your mission, your products and services, and the high-level results of your competitive analysis. This sample marketing plan includes the following executive summary. 

Example: Main Street Chic offers a high-end shopping experience without exclusivity. Our mission is to make high-end fashion accessible to members of the community with an inclusive selection of brands and sizes that cater to people who value quality and timeless style.

Main Street Chic embraces slow fashion, focusing on quality brands whose pieces can shift from season to season, pairing with a variety of others. We carry wardrobe staples from brands like Phoebe Grace, Faithfull, and Everlane, among others. Our inventory includes a wide range of sizes reflecting the needs of today’s customers. 

We believe in service, personalizing the shopping experience for each customer. We are the only boutique in our area carrying trendy styles with sizes ranging from 0-28. 

Whatever your business size is, distill your marketing plan into its main points for this summary. 

2. Mission Statement

Every marketing strategy  template will include a section for your mission statement, which is the reason why you’re in business. It’s a short statement that sums up what you do, why you do it, and who you do it for. Every business activity should revolve around your mission, including your marketing plan . 

Example: Main Street Chic’s mission is to bring the luxury boutique shopping experience to all, specializing in timeless, quality pieces our customers can build their wardrobe around. We believe that fashion should be accessible and bring personalized service to all. 

If you’re having trouble thinking of your mission statement, check out these examples from well-known brands: 

• Fitbit: “To empower and inspire you to live a healthier, more active life. We design products and experiences that fit seamlessly into your life so you can achieve your health and fitness goals, whatever they may be.” 
• Spotify: “To unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art, and billions of fans the opportunity to enjoy and be inspired by these creators.” 
• Nike: “Bring inspiration and innovation to every athlete in the world. *If you have a body, you are an athlete.”

3. Where You Stand: Situation Analysis

For best results, your marketing plan should be based on tactics that will improve your visibility with target customers. You will build your digital marketing strategy and other marketing activities around the value you provide to a potential customer. Finding out where you stand in the current landscape and researching your ideal customer gives you a basis on which to build your marketing strategy . 

This section should include the following: 

Competitive Analysis

Swot analysis, buyer personas, unique selling proposition, marketing objectives.

In your marketing plan template, include a competitive analysis. Here is where you would assess how your product or service stacks up among the competition. Evaluate the top competitors in your market, making note of their products and services, their prices, their marketing mix , their service delivery, and other information that can help you distinguish how your business is different. 

Example: Main Street Chic is located in an up-and-coming neighborhood in a mid-sized city. There is a shopping mall nearby that includes Nordstrom, Macy’s, and Neiman Marcus department stores. Also nearby are a wide selection of high-end branded shops of various price points from luxury (Hermes, Louis Vuitton, etc.) to mid-range (Coach, For Love and Lemons, Kate Spade, etc.). 

Clothing stores in the area sell items at similar price points ($50-$500 per piece), and Main Street Chic is on par with other shops. Our difference lies in personalized service typical to the luxury stores in the area.

If you’re operating a large business or a franchise, your competitors might include other national chains. If you’re operating an ecommerce store, your main competition will vary based on your product, but might also include Amazon, eBay, and other large online retailers.  

Your SWOT Analysis will help you assess where you stand in your market. This marketing plan tool is a good starting point for defining your unique value proposition and creating a marketing strategy. Use your SWOT analysis to develop a marketing plan that helps improve your weaknesses and explore your opportunities. 

Example: Main Street Chic currently sits in the following situation: 

• Strengths: Quality clothing that is more affordable than luxury brands. We offer more inclusive sizes to serve a broader customer base. 
• Weaknesses: Our current social media following is smaller than other businesses in the area. We can improve our digital marketing strategy . Our brand awareness isn’t as high as well-known stores in the nearby shopping center. 
• Opportunities: We have the chance to appeal to shoppers of all sizes in our area. We can leverage our personal shoppers to host special events and add value to clients. 
• Threats: Competition from ecommerce shops and resale websites that sell designer merchandise for a lower price. 

Your SWOT analysis is an important way to stay ahead of the game. If you’re a small business owner, send out a customer survey to existing clients and look at reviews to get a sense of your strengths and weaknesses. While larger businesses might seem threatening, look for opportunities to leverage your relationships with people in the neighborhood. 

Developing a marketing plan with a thorough understanding of your target market will improve your chances of successfully reaching your best customers. If you’ve been in business for a while and you’re refining your marketing strategy, look for similarities in your top-dollar customers. 

You might have collected demographic information through your loyalty program or customer surveys. If you’re a new business, look through market research reports, or conduct focus groups and interviews of potential customers to get a picture of your best customer. 

Once you have a handle on your ideal customer, create several different buyer personas outlining demographic information, shopping habits, communication preferences, and other important information that will help you personalize your messaging. In the sample marketing plan, one buyer persona might consist of these traits. 

Example: Main Street Chic’s ideal customer is: 

• Female between the ages of 30 and 45
• Has an income of $75,000 a year or more
• Likes to look professional
• Uses social media more than once a day
• Responds well to SMS marketing
• Values quality over quantity
• Our ideal customer wants to look good without negatively impacting the earth. She wants clothing that is versatile and lasts a long time without looking cheap. 
• She is interested in fashion, art, architecture, and hanging out with friends. She attends new events in the area and likes to socialize in a variety of situations.

Through your competitive analysis, you should have gained an understanding of your competitors and how you are different. Create a marketing plan with strategies that address your value to potential customers. 

To find yours, consider your target audience and the challenge your product or service solves for them. Discover what you offer that your competitors don’t. When you’ve narrowed it down, write your unique selling proposition and keep refining it until you’ve landed on the best one. 

Example: Main Street Chic offers a personalized shopping experience with professionals who can help you put your best foot forward. We offer luxury service at an affordable price with sizes for everyone. 

Use the information in the rest of your situational analysis to create marketing objectives. This will be the basis of your marketing plan, informing everything from social media messaging to your content marketing strategy.

Your objectives help you develop a data-driven marketing plan with achievable goals and outcomes. For small, medium, or large businesses, your marketing goals should be based on overall company goals. For example, if your goal is to improve revenue by 5% in the coming year, your marketing objectives could be: 

• Grow social media following by 10%
• Develop a clear content marketing strategy
• Become more consistent with email marketing 
• Improve website traffic by 15%
• Create more targeted social media ads geared to our buyer persona

4. Develop Your Marketing Strategy

The results of your research and analysis in step 3 will serve as the basis for your marketing strategy. Once you have defined your buyer personas and developed your objective, you can round out your strategy by looking at your current marketing activities and identifying which tools you can use to achieve your objectives. 

Your strategy will also include: 

• SEO strategy
• Content marketing strategy
• Defining your marketing channels
• Social media marketing plan
• key performance indicators (KPIs) to track 

Example: Main Street Chic’s marketing objectives include growing our social media presence, improving our website traffic by 20%, and strengthening our brand.

• To achieve this, we will run a series of social media ads, targeting people in our area based on their demographics and interests. We will build on these ads by creating compelling video content, including style tips and a breakdown of what’s happening on runways worldwide. 
• We will track which content generates the most interest and use it to refine our content marketing. We will be more consistent, engaging our community at least three times per day with discussions and links to relevant articles and interesting tips. 
• To reach a broader audience, we will research local influencer partners to boost social media visibility. We will supplement digital marketing efforts with in-store events and promotions designed to bring traffic into the store. 
• To gauge our success, we will regularly track social media analytics and email open rates to see if how they have changed over time. 
• We will also create an ecommerce marketing  strategy to improve sales in our online store. 

In your marketing plan, be specific. Outline clear strategies with action items to achieve your overarching goals. As a larger, established business with brand recognition, you might use social media less to build awareness and more to reach a new market. In this case, your goal would be to target new consumers with your existing product or service. 

5. Set Your Budget 

You might be tempted to set a budget and tailor your marketing plan to meet it, but you should complete the plan first. This will help you set priorities and maximize your budget. If you’re established, look at past marketing budgets and compare them with the ROI for each year. This should give you an idea of which marketing channels tend to bring in the most revenue. 

Once you know how much you can allocate to marketing, decide how to distribute it based on your goals. The marketing plan example throughout this article includes a primary goal of improving Main Street Chic’s social media presence. In this case, much of the marketing budget might be allocated to paid social media ads and influencer partnerships. 

You can always allocate your budget quarterly so you can adjust it as you start evaluating your KPIs. If you focus on improving social media content in the first quarter and find that you are getting more traffic from SMS or podcast ads, you can shift your budget to these more successful marketing efforts.

6. Prioritize Your Marketing and Distribution Channels

After you’ve created a content and social media strategy, you can start figuring out which channels to use to reach your ideal customers. Your focus will probably shift depending on which stage of the buyer’s journey you’re targeting.  

At this stage, your customer has never heard of you. Thus, you want to increase your visibility. In our marketing plan example, Main Street Chic could build awareness with these types of content: 

• Blog posts: How to make the most of 5 staple wardrobe pieces
• Listicles: Five wardrobe basics and how to style them multiple ways

Consideration

In this stage, a potential customer has heard of you, but they might not know all the benefits of your company. Your content should be centered around building trust and credibility. 

Example: 

• Video: The benefits of slow fashion
• Podcast interview: How to choose the best outfit for a first date
• Video: What to wear to all of your summer weddings

Decision 

In this stage, you can hook your target customer by highlighting your benefits and elevating your brand above your competition. Create content that showcases your unique selling point. 

In our marketing plan example, Main Street Chic should consider these types of content and promotions to stand out:

• Testimonials: include happy customer reviews on the company homepage
• Promo coupon for people who spend a certain amount in the store
• Video: How Main Street Chic helped me nail my wardrobe

Once you have an idea of content types to produce for different stages of the buyer journey, consider how you will distribute content. 

Social Media

There are multiple social media platforms available, and they all have advantages and disadvantages. Include strategies and action items for each platform in your marketing plan. 

Decide which ones you will use based on your buyer personas. You may also have an idea of which has successfully driven traffic to your website in the past. 

Example: Main Street Chic has an active presence on Facebook, Instagram, and Pinterest. We will focus on improving our Instagram grid with professional photographs. We will target people in the discovery and consideration phases with shoppable pins on Pinterest that they can include in various mood boards. 

We will drive traffic to our website with paid Facebook ads and shoppable Instagram ads that customers can click to purchase certain items.

Our Instagram page is most active between 6 and 8 pm on weekdays, so we will post our best content at this time. 

Email Marketing

Email is still a great way to reach potential customers. Include a sign-up form on your website and send out regular content to your leads through email. Outline your email strategy in your marketing plan, detailing how you will use it to send out newsletters, promotional announcements, and special event invitations. 

However you use email, ensure that your content is valuable to the people who signed up. 

Example: Main Street Chic will send out weekly emails to people on our list. We will segment the list into valuable customers, sometime customers, and new customers. 

We will use email to send out coupons, notifications of promotions, links to seasonal merchandise, and links to content. We will contact our most loyal customers with exclusive offers and events. 

We will use strong subject lines to pique interest and include a call to action in every email. We will also be sure to link back to our website since this is a prime strategy to drive traffic. 

Offline Marketing

Your marketing plan should also consider offline marketing concepts . If you’re a smaller business owner, you might not be interested in buying a billboard or signage at a bus stop. But you might consider sponsoring a local charity event, advertising on local radio, or placing ads in a local paper or circular.

Offline marketing also includes elements of the marketing mix like packaging and other placement. In our sample marketing plan, Main Street Chic would outline strategies for offline marketing including cash register displays, window displays, in-store merchandising standards, and customer service standards. 

Getting Started on Your Marketing Plan

Having a solid marketing plan helps you develop creative marketing strategies  that are focused. It lets you create targeted messages to reach specific goals and objectives and improves your chances of getting your messages in front of the right people. 

Start out by doing some research on your past marketing efforts. Look at your return on investment and note which strategies were most successful. Then, do some market research and assess where you stand in relation to your competition. 

Use your research to develop realistic and achievable goals and objectives that align with other business goals. Set your budget and start creating strategies for each distribution channel.

Your marketing plan doesn’t have to be overwhelming. Focus on one step at a time, and you’ll have a solid plan in no time. 

If you want more help, contact us so we can  you get started. 

Saunder Schroeder

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Demystifying Marketing's 6 Biggest Mixed Messages of 2024 with Jasper's Head of Enterprise Marketing

Published: May 13, 2024

Welcome to HubSpot's  Expert Edge Series , where we interview top execs at major brands to explore their perspectives on the latest trends, challenges, and opportunities shaping the industry.

" Use AI. But not too much AI … and in the right ways."

"Optimize for SEO – but it's changing completely and irrevocably, so also optimize for other channels."

"Speed and relevancy are top priorities. But we also need a 3-6 month content calendar which will require rallying a cross-functional team."

Sound familiar?

These are just a few of the six paradoxes Jasper's Head of Enterprise Marketing and Communications, Samyutha Reddy , recently posted on her LinkedIn:

I'm willing to bet her thoughts resonate with plenty of marketers. 2024 has already felt like a consistently-shifting video game with plenty of unexpected pitfalls, cliffs, and trap doors.

As everything about marketing changes — from SEO to content creation to goal-setting — Reddy encourages marketers to stay focused on what matters: Storytelling.

Here, let's dive into some of her tips for dealing with the mixed messages we're hearing in 2024, and what to stay focused on, instead.

Why These Six Paradoxes Exist in The First Place

First, I was curious if Reddy had an assumption about why these paradoxes exist in 2024.

Why is this year so challenging for marketers? Is it AI? Google's upcoming SGE changes ? Something else?

Surprisingly, Reddy doesn't believe these paradoxes are new to the world of marketing.

As she told me, "There is always a pendulum swing in marketing tactics and the industry being quick to adopt it, then swinging the other way once it shows diminishing returns. A couple of examples of this includes our reliance on paid ads, where the biggest budgets determined who the industry leaders were, but the efficiency of that ad spend has now been called into question. So we shifted to content, and it was about who had the capacity to create the most content possible, and those tech companies that behaved like media companies took the market share."

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She continues, "Then, we had diminishing returns on that tactic as well. We were spending so much time on the content treadmill and short-changed critical aspects of content creation like distribution strategy and message pull through."

Which leads me to wonder: Where is the pendulum swing heading next?

Reddy says, "With AI coming into play, the pendulum is again swinging away from traditional content creation tactics. In my opinion, the big swing is headed squarely toward organizations recognizing the importance of consistent storytelling across their brand with relevant spokespeople dedicated to each niche of their audience. In my opinion, the companies that are telling the most impactful stories to their target audience through the voice of relevant spokespeople will rise to the top of the leaderboard in today’s marketing landscape."

Why Brand Is Crucial to the Future of Marketing

Reddy believes that the challenges marketers are facing signify a need for a philosophy shift.

For so long, marketers have gotten excited about tactics and technology. But Reddy believes that in that frenzy, many of us have forgotten why marketing matters: Storytelling.

"We all started focusing too much on tactics, and not enough on messaging. In B2B, I think we've long discounted brand narrative and become hyper-focused on measuring ROI. But what I'd argue is that brand is increasingly important in soft macro-environments like the ones we're seeing. When people have limited money to spend, they spend it most where they have relationships and loyalty and brand respect."

The concept of brand isn't new in the B2C space — in fact, it largely drives it.

Consider Apple: At its core, it's a technology company. But it excels because of its brand, which represents leadership, creativity, and innovation.

Now, Reddy believes B2B companies need to begin valuing brand in the same way as B2C.

"Ironically, I think brand marketing needs a rebrand. And we need to shift from brand marketing being a nice-to-have when there’s extra budget to brand building as an essential part of a growth strategy," She told me.

Reddy continues, "Brand is inextricably linked with growth, and we've spent way too long in marketing splitting those two up. While they have different measurement tactics, they ultimately need to ladder up into the same revenue number and impact one another. The sharp focus on a company’s strategic narrative and the storytelling around its product roadmap is the key to connecting them. "

Reddy acknowledges that the shift to thinking about brand isn‘t an easy one. "Brand" can be difficult to measure, and it’s not easy to point to immediate ROI and say, "See that? That's because of the effort we put into brand-related initiatives!"

In a year where marketers are focused on in-the-weeds, revenue-driving activities, it requires a philosophical shift to think big picture about how your brand is perceived.

But, as Reddy puts it: "If you don't have a strong brand that’s represented in the minds of your prospects, whether or not they’re ready to buy, you open yourself up to too much risk. Especially with how unpredictable SEO is and will continue to be. Brands are losing out on critical traffic to long-held search terms overnight with the advent of Google’s SGE and the introduction of Google perspectives."

She adds, "Without a strong brand and without the guarantee of traffic from a keyword search, if you're not coming up first in search terms, you've lost that lead, and you've lost the potential from that interaction."

Vulnerability is Central to A Brand's Success

Reddy believes the future of storytelling lies in the hands of people — not brands.

"We’ve been preaching for a long time that people buy from people, they don’t buy from companies, but B2B has been slow to practice what we preach."

She points to Dave Gerhardt as an example of a successful brand who’s story is being told through its founder. A previous VP of Marketing at Drift and CMO at Privy, he's now founder and CEO of Exit Five , a media company focused on B2B marketers.

Reddy says that Gerhardt often "builds in public", sharing his thoughts on the economics of his business and why he’s opting to create new offerings, just as much as he talks about his commentary on the industry.

In this way, his prospects feel like they know him personally and his vulnerability with them has built inherent trust that extends to the products he sells.

Reddy's concern is that its a small segment of the Marketing-first CEOs, founders, or VC partners who are embracing this opportunity to tell stories about their brands via their personal profiles.

At Jasper, Reddy leverages specific spokespeople to tell stories based on their experience and relevancy to an audience, and it's not a one-size-fits-all approach.

For example, she’ll have the CEO or President talk to reporters about the changing landscape in enterprise technology as it relates to AI and their take on the shift in marketing organizations.

She then looks to marketing leadership to tell a more in-depth story about how marketing structures are changing, and the emotions marketers are experiencing with the shifts that have accompanied AI.

Finally, she turns to Jasper customers to tell their story on how they champion AI within their organizations, the pilot programs they’ve built, and how taking initiative around AI has impacted their careers. 

As she puts it, "Rather than having the Jasper branded handle talk about these issues — which dulls the impact when it comes from a generic talking head — you want these stories to come from people who are putting their careers and reputation on the line to tell you their perspectives."

While Reddy is bullish on executives telling the company story through their own voices, it’s also the part of Marketing and Communications that proves to be the toughest in some scenarios.

In fact — it's the paradox she's struggling with most right now.

"I feel like I can spot an executive who has a social media person or agency create their content in a second. And that one interaction of knowing that executive didn't draft his or her own content makes me lose trust immediately."

She adds, "Vulnerability is critical to brand success. The toughest part is getting executives to offer up their own vulnerability as part of that brand. You can't protect yourself from all risk, all of the time. And that’s an important balance to maintain as a Communications leader. The brands that protect themselves and the executives that are risk-averse and don't want to say anything for the risk of saying the wrong thing, are the brands that are disappearing into the abyss and should be the most nervous about the changes AI is bringing to the marketing landscape."

At HubSpot, we've figured this out on our own social channels. After our social team shifted to a personality-driven approach over a corporate approach, they saw astronomical returns .

Because people want to hear from other people: Even when those people ( especially when those people) don't have the perfect answers.

As Reddy puts it, "A lot of CEOs believe storytelling isn’t a core part of their job, especially when it comes to doing that publicly on social media. But the company strategy is the company story, and many CEOs don’t see how integral it is to connect those dots and tell that story internally and externally. It’s why a strong marketing and communications leader is so important to an organization, and why their relationship with the CEO is critical to the brand’s success."

Marketing Isn't Doomsday — It’s a Time of More Opportunity Than Ever

Finally, I asked Reddy if she ever feels concerned over all these mixed messages.

Should marketers fear for their roles? Should they believe that the future of marketing lies in AI and YouTube and influencers, and that soon, there will be no place left for them?

She acknowledges that many marketers are scared and frustrated right now with the state of marketing, as well as the macro employment market. However, she chooses to reframe this fear into opportunity for her fellow marketers.

"In the age of AI, marketers are the stewards of AI within the enterprise. We are the ones that have the most to gain from the state that AI is in right now because we create the most content in the enterprise. We get to experiment with tools and advise our organizations on technology and AI decisions in a way that our department never has before. "

She adds, "So, in that way, I don't see marketing right now as this 'doomsday'. It's a tough time to be here, but there's also more opportunity than ever before. I mean, we're seeing CMOs being invited to the table in a way we've never seen before, with CTOs saying, 'How are you thinking about AI? Your team has experimented the most with AI. Advise me on technology decisions.'"

"I'm also seeing mid-career marketers elevate their careers tenfold by leading the charge on forming things like AI Councils that govern usage of AI within their organizations and reach visibility with executive leadership teams in a really impactful way."

"Marketers aren't the side story right now," She concludes. "Marketers are the main characters."

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