The marketing mix involves choices for promoting products or services, including where to market, the product, customers, and how to promote. Benefits include standardizing resource allocation, effective goal achievement, and targeted research for maximum customer satisfaction.
The marketing mix refers to the choices available to a company or organization regarding the promotion or marketing of its products or services. Usually, this process involves considerations of where the marketing will take place, the product or service, the customers, and how best to accomplish the promotion as a whole. The benefits of the marketing mix include that it gives organizations a standard for allocating resources, helps them plan their marketing based on selected criteria, and helps them effectively achieve stated goals.
One benefit of the marketing mix is that it allows various companies to look at different marketing considerations in order to discover the best way to allocate their resources. For example, a business might decide to focus its marketing efforts on TV, radio, and the Internet. Now that the company has an idea of the places it wants to use as a springboard for marketing its products or services, it will be able to determine the cost of running those ads in the media formats of its choice. Having this information available will allow the company to plan a budget for the marketing process and allocate funds accordingly. This is in contrast to a company that has no clear idea of preferred methods for marketing and simply engages in whatever type of marketing seems most convenient.
Another of the benefits of the marketing mix is that when companies know what type of marketing plan they want to implement, they can conduct the necessary research to fully implement the plan along with achieving maximum customer satisfaction. For example, a business that decides to focus on Internet and TV will know that most of its marketing efforts should be geared towards reaching the majority of its primary consumers. Assuming the company makes products for women, it will place its advertisements on shows and programs that women watch the most, as well as websites that most women visit often.
Another of the benefits of the marketing mix is that it allows companies to effectively promote their products and services in the selected places. Promotional practices may include reducing the price of products for a limited time, offering customers to get a free sample product with every purchase, and offering to ship products to customers free of charge. Such a combination of marketing practices helps companies to achieve their goals or objectives effectively.
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