Module 5

Marketing Mix in the Developme

of Marketing Strategy
 Marketing may refer to the process of value exchange
that is facilitated by the 4P’s. The term marketing mix is
a foundation model for businesses, historically centered
around the product, price, place and promotion.

 Marketing is the activity, set of institutions, and

processes for creating, communicating, delivering, and
exchanging offerings that have value for customers,
clients, partners, and society at large.
The marketing mix has been defined as the “set of
marketing tools that the firm uses to pursue its marketing
objectives in the target market”. Thus, the marketing mix
refers to four broad levels of marketing decision.
 4P’S OF MARKETING MIX

 1. PRODUCT
 • is a goods or services that is offered as a solution
to satisfy the needs of your customer.
 2. PRICE
 • is the amount that the customer pays for them to satisfy.

3. PLACE
• is the position and distribution channel of the product to
make it accessible to the potential buyers.
 4. PROMOTION
 • refers to the methods a business uses to gain the
attention of the customers to their product.
Activity 1
 THE “IMPORTANCE OF MARKETING MIX” IN THE
DEVELOPMENT OF STRATEGIES:
 1. Helps understand what your product or service can offer
to your customers.
 2. Helps plan a successful product offering.
 3. Helps with planning, developing, and executing effective
marketing strategies.
 4. Helps businesses make use of their strengths, downplay
weaknesses, and avoid unnecessary cost.
 5. Helps be proactive in the face of risks.
 6. Helps determine whether your product or service is suitable
for your customers.
 7. Helps identify and understand the requirements of
customers.
 8. Helps learn when and how to promote your product or
service to your customers.
IMPORTANCE OF MARKETING STRATEGY:
 Marketing strategy provides an organization an edge over its
competitors.
 ▪ Strategy helps in developing goods and services with best
profit-making potential.
 ▪ Marketing strategy helps in discovering the areas affected
by organizational growth and thereby helps in creating an
organizational plan to cater to the customer needs.
 ▪ It helps in fixing the right price for organization’s goods and
services based on information collected by market research.
 ▪ Strategy ensures effective departmental co-ordination.
 ▪ It helps an organization to make optimum utilization of its
resources so as to provide a sales message to its target market.

▪ A marketing strategy helps to fix the advertising budget in
advance, and it also develops a method which determines the scope
of the plan, i.e., it determines the revenue generated by the
advertising plan. In short, a marketing strategy clearly explains
how an organization reaches its predetermined objectives.
 ROLE OF MARKETING MIX:

 The marketing mix is a significant tool for creating the right marketing
strategy and its implementation through effective tactics. The mix helps in
determining which marketing strategy is right for your organization. It is
the first step before you even create your business or marketing plan.
They are product place, price, and promotion and all of the four play an
important and valuable role in the marketing of that brand. While the
marketing of a brand begins with its product, the other three elements too
are equally important and getting them right is essential to make your
marketing strategy win.
 The old axiom defines marketing as the process of “getting the right
product in front of the right people at the right time and for the right
price’.
 The marketing mix refers to the collection of tools and strategies a
business will use get its products to customer. The term “marketing
mix” was created in the mid -20th century. One of its first uses was in
a 1953 report to the American Association, in which Harvard
professor and marketing expert Neil Bordon outlined how marketers
develop and executed a successful marketing plan.
 A DIGITAL MARKETING MIX is how a business attains its
marketing goals using digital technologies.
 To ensure success, a business should take care to integrate a variety
of marketing strategies into its marketing plan. These strategies
should reveal the reality of business operations as well as the
company’s goals for that product or service line. In addition to the
4P’s of marketing mix, consider customer service as an important
part of the marketing mix. Customer service constitutes a
significant part of the evaluation process for consumers. Buyers
want to know how well your business will help them make the most
out of their purchase.