What Is Marketing Mix And Its Example?

What’s your favorite flavor combo? Personally, I don’t think you can go wrong with peanut butter and dark chocolate. A close second is dark chocolate and sea salt…or maybe milk chocolate and caramel? (If you’ve spent more than an hour with me, or read this blog, it’s pretty obvious I LOVE chocolate.)

When it comes to marketing for business owners, figuring out the best marketing combo for your business can be just as fun as trying out new flavor combos. (The first time I had chicken and waffles I was skeptical, but then pleasantly surprised by how good it was!) Taking a look at the best marketing strategies used by companies while also paying close attention to your target audience is the best way to determine the best marketing combo for your business. 

What is a marketing mix?

A marketing mix is the combination of marketing strategies that you use to make up your business’ unique marketing plan. Depending on the type of business (B2B, B2C, retail, hospitality, etc.) the marketing mix elements for your plan will vary. A marketing mix is your unique, marketing flavor combo! (Maybe chili and peanut butter sandwiches? It’s a thing – google it!)

What is the purpose of market mix?

The importance of a marketing mix can’t be underestimated. If you are a ‘peanut butter and jelly’ combo kind-of-business, but you try to execute an ‘almond butter, hold the jelly’ combo, you’ll be disappointed in the results. (Ever taken a bite out of a food thinking it was one thing and it turned out to be something else? It can be a pretty gross experience.) 

With marketing, if you try to execute a marketing mix that includes posting your YouTube videos to Facebook, but find out that your audience doesn’t hangout on Facebook, you are taking out a bite out of some bitter marketing. You won’t get the engagement and sales results you are looking for with the wrong marketing activities combo. It’s imperative that you find the right marketing mix for your business’ workflow, budget, and target audience.

What are the 4 types of marketing mix?

The key principles of marketing in a business often focus on product, price, place, and promotion:

1. Product: This is what you’re selling—whether it’s a physical thing like a hair dryer or a service like consulting. It’s all about what your customers are buying from you and what makes it special, like its features, quality, and how it looks.
2. Price: This is how much you’re charging for your product or service. It’s what your customers have to pay to get what you’re offering. You need to figure out how much to charge so that it’s fair for your customers and makes enough money for your business to keep running.
3. Place: This is where and how your customers can get your product or service. It’s about making sure your stuff is available in the right places, whether that’s online, in stores, or through other businesses. You want to make it easy for your customers to find and buy from you.
4. Promotion: This is all the stuff you do to get the word out about your product or service. It includes things like advertising, telling people about special deals, and getting media outlets to talk about you. The goal is to get people interested in what you’re selling and convince them to buy it.

Some throw in a 5th: people. 

5. People: This is all about the people who are involved in your business—both your customers and your employees. You want to make sure your customers are happy with your product and service, and that your employees are doing a great job of helping them out. Happy customers and employees can make a big difference in business success.

Using a combination of these principles is a great starting point to determining the type of marketing strategies that support your business goals and effectively reach your target audience.

What is an example of a good marketing mix?

A great marketing mix example is what we use at Crafted Voice Communications. We have 3 personas – all business owners at different stages of business development. One persona is a start-up founder, or someone who is running their business on the side of their desk/from home while caring for young children. They don’t have a budget to hire an employee or agency to help them with marketing and communications..but they still need assistance to create effective and showstopping marketing.

We identified this need and developed affordable, on-demand marketing resources to support this audience. To reach them, we are focusing on 1st page SEO work through Pillar-Based Marketing, email marketing, and networking/word-of-mouth referrals. Through deep audience research, we concluded that these methods are the best way to reach our target audience. We aren’t wasting our time with paid ads or social media, as it’s not the right combo for our audience – or for us!