Your marketing mix is the combination of the elements of marketing and what roles each element plays in promoting your products and services and delivering those products and services to your customers.
Elements of the Marketing Mix
The elements of the marketing mix are also referred to as the 5 P's of marketing. For years marketers referred to the 4 P's of marketing. Only recently has a 5th P been added. Whether you subscribe to the theory that there are four p's or five p's of marketing, this is essentially referred to as your "marketing mix".
The 4 P's of the Marketing Mix
The original 4 P's of marketing (although they have been renamed a bit over the years) that were the elements of a marketing mix are:
- Product – The products or services offered to your customer: Their physical attributes, what they do, how they differ from your competitors and what benefits they provide.
- Price – How you price your product or service so that your price remains competitive but allows you to make a good profit. How price plays a role in your marketing strategy with respect to differentiating your products or services from your competitors'.
- Place (Also referred to as Distribution) – Where your business sells its products or services and how it gets those products or services to your customers. May also be used in your marketing strategy to differentiate you from your competition.
- Promotion – The methods used to communicate the features and benefits of your products or services to your target customers.
The 5th P of Marketing
Some marketing theorists have added a 5th P of marketing to the elements of the marketing mix: People
When referred to as an element in the marketing mix, this 5th P refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors.
