Marketing mix refers to the execution strategy in
marketing
. The marketing mix consists of the following four elements, also known as the 4Ps.
- Product
- Price
- Distribution (Place)
- Promotion
In order to effectively utilize the marketing mix, it is important to develop strategies for each of the 4Ps and to consider consistency among the 4Ps.
Marketing mix flow
Let’s check the position of marketing mix in
marketing strategy
. The flow of the marketing strategy is as follows.
1. Environmental analysis
We discover marketing opportunities for your company by analyzing the marketing target environment from the perspectives of the market, competition, and your company.
2. Basic strategy (
STP strategy
)
Based on the results of the environmental analysis, we use STP strategies to analyze the market in more detail, decide on the direction our brand should take, and formulate a basic strategy.
3. Execution strategy (marketing mix)
Based on the established basic strategy, we formulate an execution strategy that specifically determines how to approach the target segments. The execution strategy is called the “marketing mix” because it involves considering the optimal combination (mix) of product, price, distribution, and promotion strategies.
4. Implementation and evaluation of measures
We implement measures formulated based on the marketing mix and evaluate the results. If you are not getting the results you expected, you need to analyze the cause and review your marketing strategy.
Reference article
