Understanding marketing mix without examples is similar to learning what ingredients you need to bake a chocolate lava cake but not knowing exactly how to make it.
Think of it as learning based on theory – not practice.
It’s why we put together this piece to walk you through marketing mix examples that show you the theory in action.
But first, a quick recap: marketing mix is the set of different touchpoints that a marketing strategy focuses on.
Why bother with multiple touchpoints, though? So that your marketing doesn’t fixate on a single selling aspect but on seven different areas – known as the 7 Ps.
With that, let’s look at the 7Ps of the marketing mix, followed by a dive into how other brands practice the theory.
Understanding The 7 Ps Of The Marketing Mix
These 7 Ps fuel a marketing strategy.
Meaning: no matter which marketing idea you plan to execute for your business, you must take the time to address each of these Ps. Only then can you create a winning marketing plan that resonates with your target buyers.
With that, here are the 7 Ps of the marketing mix:
The product or service sits at the center of all marketing. But critically analyzing it is key to success.
For example, determine what problem your product solves. And ask yourself: why is it the best fit for my audience?
Having this nailed informs your messaging – assisting you in marketing by selling benefits, not product features.
Economical, luxury, and high-end are some words that come under product pricing.
Regardless of your approach, it’s essential that you understand what your target buyer is willing to pay instead of pricing your product on guesswork.
Place determines product distribution. That is: where will your product be available for purchase? Will it be an online store? Or do you use physical storefronts?
Promotion focuses on the how and where of getting your product in front of your audience.
So decide the channels you’ll use to reach your audience and a plan to get the word out and continue attracting customers.
72% of US consumers agree that product package design influences their buying decisions. Not just that, but it improves customer experience, encouraging them to buy from you again.
So with this marketing P, work out the design and feel of your product packaging.
Answer how your product or service differs from other businesses offering similar products/services. And how your customers should perceive you.
To put this another way, define your unique selling proposition (USP) – the impression you want to leave on your customers.
How Does Marketing Mix Work?
All Ps in the marketing mix are complementary. This means each P informs another P. Together; they help create a cohesive marketing strategy.
For instance, brands such as David Yurman jewelry offer luxury Products that aren’t sold for a bargain Price or in a common Place such as Walmart.
Conversely, David Yurman’s target market (People) may not expect to find bargain Price jewelry at retailers such as Neiman Marcus (Place), where they would purchase luxury brands.
In short, all Ps in the marketing mix example above are interdependent. In turn, this helps the brand run audience-resonating marketing campaigns.
Now for the practical side of things with two marketing mix examples worth learning from:
David Yurman Marketing Mix Example
Here’s how the 7 Ps breakdown for the luxury jewelry brand:
- Product: High-end fashion jewelry that speaks volumes of quality and status.
- Price: Expensive – targeting folks with the buying power to wear (and gift) luxury jewelry. Their pricing strategy? Fewer sales but at high prices.
- Place: Available online, at its storefronts, and at a handful of authorized, high-end fashion retailers’ storefronts. This helps further reinforce the luxury positioning as the product is not up for grabs at stores selling economically priced goods.
- Promotion: Highly targeted, showcasing a luxurious lifestyle with influencer actress Scarlet Johansson.
- Packaging: Iconic packaging elevates the lavish experience. It adds to the luxury impression and makes the target market feel posher.
- Positioning: The jewelry is fit for extravagant folks who want to show off their taste in premium jewelry.
- People: David Yurman targets people who want to demonstrate their wealth and achievement. This can include both women and men wearing and buying luxury gifts for their partners to make them feel special.
Coca-Cola Marketing Mix Example
Now let’s walk you through another marketing mix example that’s completely different from David Yurman: Coca-Cola.
The carbonated soda brand began by selling nine drinks daily in its first year of inception in 1886. Today, the company sells 1.9 billion drinks daily. Their marketing mix? Let’s break it down below:
- Product: Everyday, common soda beverage that consumers can have on its own and with their daily meals or as part of celebrations and get-togethers.
- Price: Reasonable, something their target consumer can easily afford to have daily. Their pricing strategy is conditional on high volume sales at lower prices.
- Place: Readily available. From physical storefronts to vending machines, convenience stores, and grocers – even online. The idea behind this: easy access encourages sales.
- Promotion: Since Coca-Cola targets one and all, they use every other marketing channel to promote their soda. The plan? To reach as many consumers as possible. It’s why you’ll see billboards featuring Coca-Cola, television ads, social ads, and more.
- Packaging: Coca-Cola’s iconic bottle shape with its fluted lines was initially designed to stand out from the competition. The idea was to create a unique bottle shape that could become immediately associated with Coca-Cola. Additionally, with their personalization tactics, such as having consumers’ names on the bottle, the beverage company ups the consumer experience they offer, growing word of mouth and user-generated content (UGC) as part of their marketing.
- Positioning: Coca-Cola positions itself with joy. All of its marketing promotes feelings of togetherness. Consumers see Coca-Cola as being more than just a fizzy drink. They see it as a symbol of happiness and celebration with friends and family.
- People: Nearly everyone is their target buyer, including those who prefer sugar-free drinks.
Ready To Create Your Marketing Mix?
Now that you’ve seen the marketing mix examples in practice, we’re sure you’re excited to hit the ground running.
Remember to put plenty of thought into the 7 Ps, though. Each of these is interlinked. So answering one will naturally lead to addressing another.
Here’s to a solid, audience-winning marketing plan for your business!