Marketing Mix and How to Apply It

A marketing mix includes multiple areas for a successful marketing plan. These are known as the 4 P’s, which are product, price, placement, and promotion. Many companies use these strategies in different ways.

When it comes to the Product companies in like Mercedes Benz have a great quality product, product variety, and an iconic brand name that makes them very successful. When it comes to Price a company like IKEA is incredibly successful because of their low prices compared to their competitors in the furniture business. Nike comes to mind when one is talking about Promotion since it is a company that has great advertising and direct marketing. A perfect example for Place is McDonalds, since they have so locations and coverage not just in the United States but in the entire world.

A marketing mix works with the combination of various factors, but on the whole, it integrates key marketing strategies that create brand awareness, build customer loyalty, and drive product sales. Even though each one of the 4 P’s can be used by itself it is important to understand them and combine together to have a better result.