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10 Minute Guide

How to achieve an effective marketing mix

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CIM 14280 | DS | May 2009

10 Minute Guide

Marketing
Mix
What it is

The ‘Marketing Mix’ is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group. It is also referred to as the ‘4 Ps’ –
Product, Price, Promotion and Place, or the
‘7 Ps’ – the 4 Ps with the addition of
People, Process and Physical Evidence, also called the extended marketing mix.

Why it is important

Businesses need to make sure they are marketing: • The right product to
• The right person at
• The right price in
• The right place and at
• The right time
For example, if you manufacture pens, and have decided to target schoolchildren, it would be more appropriate to market:
• Coloured ballpoint pens (product)
• At a low price (price)
• Selling them through newsagents and stationers (place)
• And promoting them through point of sale material (promotion) than it would be to market:
• Gold fountain pens (product)
• At a high price, including insurance against loss (price)
• Selling them through specialist outlets and jewellery stores (place)
• And promoting them in glossy magazines and Sunday Supplements
(promotion)

What you should do

Make sure you have identified each of your target customer groups. If you have not already done so and would like further information on grouping your customers, take a look at our 10-minute Target
Customer briefing.
Now, with each customer group in mind, work through the steps outlined

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