Unit 3 - Making It Happen with Marketing
Learning Target 4: I can explain what the marketing mix is
Having the right product, at the right price, at the right time, at the right place and communicate effectively is actually another way of explaining the marketing mix. The marketing mix, also known as the 4 P's, is a set of interrelated decisions about the product or service, price, place and promotion. These decisions are all based on the target market
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Let’s take a deeper look at the marketing mix with this video.
While the 4 P's is a staple in the marketing world, recently there has been a new way to explain the marketing mix called the 4 C's. The C's stand for customer, cost, convenience, and communication.
Read this article and see how similar and different the 4 C's are as compared the 4 P's
Every element of the marketing mix is interrelated. If you make a change to one element of the mix it will ultimately change the other elements. Take Hershey Chocolate Bars for an example. If they decided to make a product decision in which they wanted to be an organic chocolate bar how would that impact their price decisions, place decisions, and promotion decisions. The product decision may impact their price decisions as they may have to charge more for this candy bar. They may also have to move from having their product at every place one can find chocolate bars (intensive distribution) to only select stores (selective distribution). Along with all of these decisions, they may also have to change the way they promote their product. They might not be able to offer coupons or sales for their product as it could be detrimental to the new brand. The displays they have in stores will also ultimately look completely different too. As you can see with marketing mix every action or change will require changes or actions in the other elements of the marketing mix.
Make The Connection: Select a product of your choice that you have not already used and create a video describing their marketing mix decisions.