Marketing Mix: Advantages and Disadvantages
According to Philip Kotler "Marketing Mix is a set of controllable variables that a company can use to influence the buyer's response."
The term Marketing Mix refers to the main elements that must be considered in order to successfully market a product or service.
The Marketing Mix is also known as the 4 Ps of Marketing.
The Marketing Mix exists because the entrepreneur has to:
- Produce or manufacture a product that meets consumer needs
- Sell it at a price that the consumer finds reasonable and can afford
- Make the product available in different places where the consumer can buy without much effort
- Inform the consumer about the product and its characteristics through the media that the consumer has access to
These are the 4 Ps:
Advantages of Marketing Mix
- It simplifies and brings together different concepts of Marketing into one, making Marketing easier to do and manage
- Allows separation of marketing from other company activities and delegation of marketing tasks to specialists
- Enables a company to vary its Marketing activities according to its resources, market conditions and customer needs
- Decisions can not be made on a Marketing Mix element without taking into account its impact on other elements.
Disadvantages of Marketing Mix
- The Marketing Mix does not consider client behavior, but it is internally oriented.
- The Marketing Mix considers clients as passive; does not allow interaction and can not capture relationships.
- The Marketing Mix does not take into account the unique elements of service marketing.
- Product is indicated in the singular, but most companies do not sell a product in isolation. Sellers sell products, product lines or brands, all interconnected in the mind of the consumer
- The Marketing Mix does not mention building relationships with the consumer that has become a major marketing focus, or the brand experiences that consumers buy.
Marketing Mix Components Table
The table below is ideal for preparing your Marketing campaigns with Marketing Mix’s help: