Understanding the marketing mix

Marketing is more than just advertising. Good marketing must be built upon a core message that resonates with the target consumer. To do this, you need an intimate understanding of your audience and their world view. Only then can you understand their needs and sell products that improve their lives. Businesses use certain tools to sell products. One of the well-known marketing tools is the marketing mix. In the 1960’s E. Jerome McCarthy, outlined how marketers can develop and execute a successful marketing mix. His framework is known as the 4Ps. Since its creation, the 4Ps have been used by businesses to:

• Develop their strengths and contain their weaknesses
• Become more competitive and adaptable in the market
• Improve profitable collaboration between departments and partners

Over time the elements in the marketing mix have undergone various transformations in response to new technologies and other changes in marketing best practice. Although it is still known as the 4Ps, most models now include six elements. Let’s go through them.