RECOGNIZE THE IMPORTANCE

OF MARKETING MIX IN THE

DEVELOPMENT OF MARKETING
STRATEGY
THE IMPORTANCE OF MARKETING
MIX
• Marketing mix is a significant tool for creating the right marketing
strategy and its implementation through effective tactics
• The mix helps in determining which marketing strategy is right for
your organization. It is the first step before you even create your
business or marketing plan
• The marketing mix strategy goes hand in hand with positioning,
targeting, and segmentation.
• All the elements, included in the marketing mix and the extended
marketing mix, have an interaction with one another
importance
of
marketing
What Is Marketing Mix?

•Marketing mix refers to the combination

of elements that shape how a business
delivers value to its customers. These
elements are called the 7Ps: Product,
Price, Promotion, Place, People, Process,
and Physical evidence.
The Importance of Each Element of the
Marketing Mix in Fueling Growth
• The importance of marketing mix in
achieving business objectives cannot be
overstated. As we mentioned, you must
make sure each element of the marketing
mix works with the others to support your
objectives.
1. SM Bonus doubled down on “product” to
grow to ₱4 billion in under 10 years
•Product” refers to the goods or services
that you offer and how they meet your
customers’ needs and desires. This
extends to quality, warranties,
packaging, features, variety of products
or service levels, and so on
2. Starbucks uses “price” to maximize
profitability
• Price” is how much customers
pay — or are willing to pay —
for your product or service. It
encompasses factors such as
payment methods,
financing/credit terms,
discounts, price-matching,
referral bonuses, affiliate
payments, loyalty discounts, free
trials, subscription options, etc.
To make your business viable,
your price must lead to a profit.
3. Lego became the world’s most valuable toy
brand with “Promotion.”
• “Promotion” refers to the way
you communicate with potential
customers. It includes what you
say, who you say it to, what
channels you use to reach them,
and how often you do it.
Activities in the promotional mix
fall within advertising, PR, direct
marketing, and personal selling
and can encompass search
engine marketing, social media,
billboards and signage, print
advertising, and much more.
4. Jollibee uses “Place” to sell more than any
other restaurant chain.
“Place” is where and how
a company will make its
products available to its
customers. It includes the
channels a company uses
to sell its products, such as
local stores, ecommerce
websites, personal
networks, direct sales,
affiliates, and so on. It also
5. You Tube Focused on “People” to become
one of the fastest-growing apps.
• The “People” component of the marketing mix
encompasses everyone who is on your team.
This includes managers, customer service reps,
product engineers, production workers,
salespeople, and support staff. It also includes
the hierarchy of relationships at an organization,
which is meant to help employees get things
done efficiently and work together smoothly.
6. Bench’s unique feedback “Process” lets it
launch designs ahead of other clothing retailers
• Process” in the marketing mix refers to the flow
that a company uses to deliver its product or
service to the customer. This includes the
logistics involved in building and marketing a
product, from R&D through to the final
production line. It can also extend to how the
marketing team works together to create
campaigns
7. By Ningnangan, the restaurant, raised ₱15 million in
funding as it tapped into a new trend in “Physical Evidence.”
• Physical evidence” includes tangible items that a customer
can see or touch, like documentation, receipts, product
reviews, demos, packaging, your website, and other
materials that provide information about your brand. It
functions as proof for the customer that the company or
product lives up to its promises. For a restaurant, the
components that make up ambiance or dining atmosphere
can function as physical evidence: the colors and decor,
menu designs, even staff uniforms.