Marketing mix management is a process that involves establishing the strategies that make it possible to effectively make use of the four basic components of the marketing mix. Typically, the marketing manager will spearhead the effort to manage these elements to best advantage, although others involved in the marketing and sales efforts will likely also contribute to the effort. Under the best of circumstances, marketing mix management aids in identifying the ideal combination of product, price, promotion, and place to attract consumers and ensure that a good or service generates a steady flow of revenue.
With marketing mix management, the manager will look closely at a number of elements related to a product, with price being one of the key factors. Here, the goal is to manage the pricing so that some amount of profit is realized off each unit sold. At the same time, the manager will seek to set the pricing so that it is competitive with similar products in the marketplace but still low enough to capture the attention of consumers.
Along with assessing and setting reasonable prices, marketing mix management also calls for evaluating the good or service that is being sold. Doing so makes it easier to identify the attributes most likely to attract attention from consumers, and increase the chances of capturing market share. At the same time, this factor in the management approach also makes it possible to identify potential liabilities associated with the product, including some element of the design that is likely to discourage consumers, or even packaging that is difficult to open or somewhat cumbersome, making the product less desirable.
Marketing mix management also addresses the issue of where the products can be sold to best advantage. This will often mean working with retail outlets to ensure the goods and services are placed for sale in establishments where the targeted consumer base is likely to shop. Typically, this approach calls for strategically working with retailers with a presence in specific localities or that are of particular interest to certain demographics of consumers based on age, gender, economic status, and other relevant factors.
Advertising and promotion are another aspect of marketing mix management. The goal is to make use of advertising strategies that are most likely to influence consumers to buy the products. Evaluating different approaches for promotion, ranging from the use of a direct mail campaign to prominent ads in print media, all the way to television and other forms of electronic advertising, is essential if the manager is to aid in identifying the most cost-effective avenues while still maximizing the potential return. By considering promotion along with price, product, and place, the manager can effectively market a product and increase the chances of capturing market share, leading to increased profits for the business.
