When I think of the “marketing mix” – the combination of elements to consider in marketing – I imagine it as baking a cake. Picture countless marketing chefs crafting various cakes until Jerome McCarthy’s secret mix and recipe triumphed at the International Cake Competition.
McCarthy’s marketing mix, known as the “Four Ps of Marketing” identifies four key ingredients:
- Product: What are you selling? How is your product or service positioned? What makes it desirable? Who is it for?
- Price: How muchg will people pay for your product or service?
- Placement: Which distribution channel will you use? Where will you sell your product or service?
- Promotion: How will you get the word out? Where should you advertise? How do you make your communications meaningful? What incentives will you offer consumer to act (e.g. offers, sweepstakes, etc.)?
While I appreciate McCarthy’s mix, it has faced criticism for being too supply-focused. Enter Robert F. Lauterborn, who added a consumer-centric twist without discrediting McCarthy’s work. His “four Cs of Marketing” include:
- Consumer: Who are you selling to? What consumer need does yoru product satisfy?
- Cost: What is the total cost of ownership for the consumer, including functionality and disposal? For instance, buy a car with a three-year guarantee differs from one with a one-year guarantee.
- Convenience: Can the consumer easily access and purchase your product?
- Communication: How do you advertise and manage PR? Do you have relationships with your customers? What’s the buzz about you in the news?
There are countless books dissecting each ingredient of the marketing mix. It’s fascinating how all marketing concepts can be encapsulated in just eight words. Just mix the ingredients, and voila! You have a marketing cake. There’s no guarantee it will be a good one, but it will certainly be a marketing cake.