Every marketing manager has to take into account the marketing mix. The marketing mix contains the 4 P’s of marketing which are: price, place, promotion, and product. For a marketing manager to have success, they must identify which blend of the marketing P’s is going to bring about success.
One company that stands out when discussing price and price is Wal-Mart. Wal-Mart is not concerned so much about their promotions like video advertising commercials or Sunday coupons and they really don’t have too much control over their product. What Wal-Mart does so well is understand price and place. Wal-Mart strategically builds all over the nation to become extremely convenient. Also, Wal-Mart doesn’t negotiate price with anyone. Everyone negotiates with Wal-Mart. Wal-Mart has become so successful by constantly being the low cost leader in convenient areas. Wal-Mart clearly understands the 4 P’s of marketing and they excel at their own decided blend.
A creative company that has chosen the opposite of the marketing mix circle is Apple. Apple is the leader in promotion and product in the computer industry. They pride themselves on having the highest quality computers around. This high quality computer comes with a price, literally. Apple computers probably have the highest price tag. However, people are willing to pay the price due to the built up perception or promotion that Apple has created. Apple has become a master at marketing when it comes to promotion and product.
Understanding your marketing mix strengths is crucial to your marketing success. Any marketer has to grasp this concept. Whatever side of the spectrum that you’re on you have to excel at your individual mix. Pin-pointing this perceived value for the client is abosutely crucial and it is exactly what the marketing mix four P’s do . You must be creative and take risks with your plan.
