What Is the Purpose of a Marketing Mix?
The purpose of a company’s marketing mix is to control its marketing plan. An effective marketing mix includes the 4 Ps: product, price, place and promotion. How a company combines the 4 Ps determines its standing with customers and its income.
Effective marketing plans begin with knowing the customer. Then, they adapt the 4 Ps to customer needs.
Purdue University says that the 4 Ps are marketing essentials. The product must meet customer needs, price indicates value, place means easy product access and promotion uses advertising channels, via online and traditional media, to inform, increase awareness and attract customers.
Neil Borden popularized the marketing mix concept and the 4 Ps in the 1950s. The renowned Harvard Business School professor influenced today’s advertising strategies.