What Is the Extended Marketing Mix?

Marketing mix

The so-called marketing mix refers to the

4P combination

In 1960, EJ McCarthy proposed the famous 4P portfolio in the book "Basic Marketing". McCarthy believes that companies engaging in marketing activities must

As a very important marketing management method, the marketing mix has the following characteristics:

Controllability

2. Dynamic

3. Complexity

4. Holistic

Marketing variable mix

Each independent variable that constitutes the "4Ps" of the marketing mix is the decisive factor that ultimately influences and determines the marketing effectiveness, and the final result of the marketing mix is a function of these variables, that is, the dependent variable. From this perspective, the marketing mix is a dynamic mix. As long as one of the elements is changed, a new combination will appear, which will produce different marketing effects.

level

The marketing mix is composed of many levels. As a whole, "4Ps" is a large combination, where each P includes several levels of elements. In this way, enterprises are not only more specific and practical in determining the marketing mix, but also quite flexible; not only can they choose the best combination among the four elements, but they can also arrange the combination within each element appropriately.

effect

Companies must accurately analyze and judge specific marketing environments,

There are two types of factors that affect corporate marketing. One is the opportunities and threats the company's external environment brings to the company, which are difficult for the company to change. The other is that the company itself can control it through decision-making. The factors that can be controlled by the enterprise itself are summarized in the following four aspects:

(I) Corporate Marketing Strategy

When using a combination of marketing factors,

1. The emergence of marketing mix means that the concept of market operation has completed the change of old and new concepts, that is, it has developed to a new concept-

For enterprises, the practical significance of the combination of marketing factors in the actual work of the enterprise is reflected in the following aspects:

(I) The basis for formulating a marketing strategy

Marketing strategy is essentially

The correct arrangement of marketing mix by corporate marketing managers has an important role in the success of corporate marketing:

(1) Promote strengths and avoid weaknesses, give full play to the competitive advantages of enterprises, and realize the requirements of corporate strategic decisions;

(2) It can strengthen the competitiveness and resilience of enterprises and make them invincible;

(3) The various departments within the enterprise can cooperate closely, divide labor and cooperate to become a coordinated marketing system (overall marketing), and flexibly and effectively adapt to changes in marketing environment.

In order to make better use of the above functions of the marketing mix, the following principles must be observed in specific applications:

Target

The marketing mix must first be targeted, that is, when formulating a marketing mix, there must be a clear target market. At the same time, each factor in the marketing mix is required to optimize the combination around this target market.

2. Coordination

Refers to coordinating the various factors in the marketing mix, so that they are organically linked and combined together in a coordinated manner to serve the overall marketing goals with the best matching status. It can be combined properly and harmoniously according to the interrelated effects of the elements.

In the combination plan, you can also select several factors for combination and matching. For example, the relationship between product quality and price directly affects the merits of the overall marketing mix strategy. Multiple selection of the two can select nine different types. Based on the combination strategy plan, the company can carry out know-how analysis including competitor strategy analysis, analysis of the company's resources, technology, and equipment, and effectively implement value engineering to achieve the expected marketing goals.

3. Economy

That is, the principle of combined leverage. The main consideration is the promotion effect of the elements of the combination on sales, which is the characteristic of optimizing the combination.

4. Feedback

From the change of marketing environment to the change of corporate marketing mix, we must rely on timely feedback of market information. The information is timely and the feedback effect is good. As the marketing environment changes, the original marketing mix can be reconsidered and adjusted in time to determine a new market and

Combination strategy and marketing strategy

During the execution of the marketing mix, it is very obvious that the marketing mix strategy and the marketing strategy are complementary and organically combined.

The marketing mix is not only part of the marketing strategy, but also the foundation and core of the marketing strategy. Dealing well with the relationship between the two is related to the success or failure of corporate marketing. Therefore, in the specific implementation process of the marketing mix, it follows the principles of goal, coordination, economy, and feedback. It is also necessary to frequently revise short-term strategic goals in order to strengthen and improve the most basic marketing strategy. As long as the marketing mix strategy stays at

First, the marketing mix is the basis for developing a marketing strategy.

Second, the marketing mix is the premise of corporate marketing.

Third, the marketing mix is a powerful tool for companies to deal with competition.

Fourth, the marketing mix can better coordinate the work of various departments within the enterprise.

Fifth, the marketing mix can shorten the decision-making process of corporate marketing.