What is the Marketing Mix? 

The marketing mix is made up of the 4 Ps of marketing. These include:

• Product – The value proposition being offered
• Price – The price charged for the product
• Place – Where the product will be offered and how it will be offered in the market(s)
• Promotion – How potential customers will be made aware of the business, brand, or product.

What is Marketing Strategy?

In the previous material, we discussed the methods and procedures for developing a competitive strategy. These same strategies can be used to develop a competitive marketing strategy. Recall that the process is as follows:

• Identify potential strategies
• Undertake a SWOT analysis to determine your potential to execute any given strategy.
• Undertake a Porters Five Forces analysis to determine where you stand in the market.
• Use this information to develop or choose a strategy that fits your ability.

Part of the marketing strategy necessary deals with allocating your resources efficiently to achieve your marketing function. The most common and well-known model for strategically allocating marketing resources is known as the 4 Ps or 5 Ps (some break the plan into as many as 8 Ps). The 5 P framework assigns market attributes into one of these five categories in order to employ them in an organized manner. You will allocate your resources consistently with your business strategy.