Well, there are a lot of websites where you can get definition of Marketing Mix. But if you really want to understand what is marketing mix, read this story. (Reading Time: 3 mins)
Once upon a time, there was a marketer who was not an MBA(Are You?). He was working for a startup called “Beatles”.
He was a newbie so didn’t has too much knowledge of marketing but had the curiosity to learn.
One Day, John, CEO, came to his desk and said, “Hey Paul, Do you know what is marketing mix?”
Paul had a lot of trouble convincing top management for his marketing campaign because of his lack of experience in the field.But this time, he was prepared. Luckily, he just read about it last night.
He said,”John, Why do you want to know about Marketing Mix?”
John said, “Actually, we are coming up with a new product and I am just checking if you can help us out in creating a marketing mix strategy for this product.”
Now Paul is rolling and bursting inside and outside. He knew that today is his day.
He said,”Let me take you down. Cause I am going to Strawberry Fields.” (Sorry Couldn’t stop myself.)
Paul took the marker and draw the 4P of
and started explaining that It’s simple!
First you need to build a product that a particular group of people need or want. then put it on sale somewhere those people hangout.
Now you need to decide the price of product which is the trickiest thing. But let me make that easy for you. You must price it at a level which matches the value they feel they can get out of it.
If you do all that at a time they want to buy, then we are chilling and killing.
It’s simple, John! All you need is love. (Sorry Again.)
It’s simple, boss! But to do all that, we will have to figure out what customers want, where do they go for shopping, how can we build the product at a competitive price and what is the correct time to launch it.
Believe me, this will take a lot of effort. This needs to be perfect. If we get just one part wrong, all is gone.
John said,”Man! You are fucking killing it. How are you doing? Everything fine at home? When did you learn so much about marketing? Let me give you a raise. I will hire a sexy secretary for you”.
then Paul gets the kick and wake up. He was fucking dreaming.
What is Marketing Mix? Or Definition of Marketing Mix.
Marketing Mix and 4Ps are often used as they are same thing but they aren’t.
“Marketing Mix” is used to describe the choices an organization make in launching a product or service. and one of the choice is 4Ps. It is most known and the oldest way.
Do you now feel familiar with the Marketing Mix? Share your thoughts in comments.