What Is a Marketing Mix Strategy?

A marketing mix consists of four items--product, price, place and promotion--that make up the marketing or advertising programs a company uses to entice consumers into purchasing specific types of products. Successful strategies typically maximize each piece of the marketing mix.

Identification

In the marketing mix, product represents the goods or services sold to consumers, whether tangible or intangible. Price is the amount of money charged for each item. Place is the location at which a customer purchases the product, including stores and websites. Promotion is the communication method companies use to inform customers about goods and services.

Features

Marketing mix strategies concern either one item or the entire group. For example, product strategies may consist of selling brand new items or substituting goods for items already in the market. Prices can be extremely high to create a sense of exclusiveness or inexpensive. The place may be in-store or at special locations, with wide-ranging promotions using multiple methods.

Significance

All four pieces of the marketing mix help companies set the price for their goods and services. In economic terms, the best price is at equilibrium, or the price at which consumers will buy the most products and the company will make the most profit.

References

• NetMBA.com: The Marketing Mix