Updated
The marketing mix describes the tools a company uses to achieve its marketing goals. The best known model is the 4Ps, set out by E. Jerome McCarthy in 1960.
What the 4Ps stand for
- Product: what you sell, including quality, design and service.
- Price: pricing, discounts and payment terms.
- Place: where and how customers buy, online or in store.
- Promotion: advertising, PR, content and sales, see marketing communications.
Extended models: 7Ps and 4Cs
For services, the 7Ps model adds people, process and physical evidence. The 4Cs model looks at the mix from the customer’s side: customer value, cost, convenience and communication.
Using the marketing mix in practice
The four areas have to fit together. A premium product with a bargain price advertised on discount sites confuses customers. In online marketing, the mix is also a reminder that good ads cannot make up for a weak product, price or delivery terms.
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