Marketing Mix Strategies
- Published on Wednesday, 17 April 2013 13:46
- Bob Cannon
- 0 Comments
Marketing Mix Strategies are continuing to evolve from their original beginnings in the 1940s. It all began with the 4 Ps of Product, Price, Place and Promotion. In the beginning, the marketing manager was known as the “mixer of ingredients”. Sometimes the recipe was fairly standard, other times it would be developed as things moved along. Sometimes it was created from available ingredients and other times new ingredients were added.
In the continuing evolution of the marketing mix strategies, the 4 Ps grew to be 7 Ps and then 8 Ps. Other strategists came along and developed the 4 Cs of Consumer, Cost, Communication and Convenience. That, of course grew into the 7 Cs. Ps or Cs is more a question of perspective as the Product is the definition of the features of the product required to meet the needs of the Consumer. The same comparison can be made of Price versus Cost, Promotion versus Communication and Place (distribution) versus Convenience.
Marketing Mix Strategies is all about mixing the the Ps or Cs to create the product or brand offering. The goal of any marketing mix strategy is to mix the ingredients in a way that optimizes profitability over the product life cycle.
For more information on the Ps and Cs, click here.