Discuss the role and importance of marketing mix in advertising.
Answers
The marketing mix is a significant tool for creating the right marketing strategy and its implementation through effective tactics. The assessment of the roles of your product, promotion, price, and place plays a vital part in your overall marketing approach.
The mix helps in determining which marketing strategy is right for your organization. It is the first step before you even create your business or marketing plan. The reason is that your marketing mix decisions also have an impact on your positioning, targeting, and segmentation decisions.
You can make the targeting and segmentation decisions based on your products while positioning can be decided on the basis of your price. These decisions also have an impact on the decision you make regarding the promotion and price. Therefore, the marketing mix strategy goes hand in hand with positioning, targeting, and segmentation.
All the elements, included in the marketing mix and the extended marketing mix, have an interaction with one another. If you have a service or a product, then you will have to decide on a price in order to sell it.