Marketing Mix

The marketing mix is a business tool used in marketing and by marketing professionals. The marketing mix is often crucial when determining a product or brand's offer, and is often synonymous with the four Ps: price, product, promotion, and place; in service marketing, however, the four Ps have been expanded to the Seven Ps or eight Ps to address the different nature of services.In recent times, the concept of four Cs has been introduced as a more customer-driven replacement of four Ps. And there are two four Cs theories today. One is Lauterborn's four Cs (consumer, cost, communication, convenience), another is Shimizu's four Cs (commodity, cost, communication, channel). 

One of the advantages of the marketing mix is the fact that it allows various companies to look at the different marketing considerations with a view to finding out how best to allocate their resources. Now that the company has an idea of the places it wants to use as a springboard for marketing its goods or services, it will be able to determine the cost for running those adverts in the chosen media formats. Having this information will enable the company to plan a budget for the marketing process and to allocate the funds accordingly. This is in contrast to a company that does not have a clear idea of the preferred methods for marketing and that simply engages in any type of marketing that seems more convenient.Another one of the advantages of the marketing mix is that when companies know what type of marketing plan they want to implement, they can conduct the necessary research needed to fully implement the plan in conjunction with achieving maximum customer satisfaction. The marketing mix is that it allows companies to effectively promote their products and services in the selected places. Promotion practices may include the reduction of the price of the products for a limited period, an offer for the customers to get a free sample product for each purchase, and an offer to ship goods to the customers free. Such a mixture of marketing practices help the companies to reach their targets or objectives in an effective way