Why Is a Marketing Mix Important in Business?
A marketing mix is important in business because it maximizes a company's chances of achieving steady, continual success in its operations. A marketing mix also ensures that a company remains responsible to its customers by living up to its product claims.
In marketing theory, a marketing mix is defined by the four "Ps," which include product, price, place and promotion. Because a company's products define them, companies must honestly do their best in backing up their product claims. For example, if a company advertises that a dishwashing liquid contains 100 uses but the bottles only yield 75 uses, that company must repackage the product to yield 100 uses or readjust the product claims.
Second, the price of the product must reflect the budget, moderately priced or high-end market of the company's intended customers. Therefore, a company must not charge inflated prices for very low-end ingredients contained within a product. Third, a company's marketing mix must include accurate product placement to ensure that its product reaches its target customers. This includes advertising in the right publications and placing the actual product in the stores that a company's target audience shops in regularly. Finally, a company's marketing mix promotion efforts includes product packaging, public relations efforts and branding as well as the sponsorship of well-respected people who attest to the product's claims and benefits.