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Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 Ps to explain the mix, nowadays it is more commonly accepted that a more developed 7 Ps adds a much needed additional layer of depth to the Marketing Mix with some theorists going even going further.
Before we get carried away though what is the Marketing Mix and what is the original 4 Ps principle?
The Marketing Mix
Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. The 4 Ps have been associated with the Marketing Mix since their creation by E. Jerome McCarthy in 1960 (You can see why there may have been some need to update the theory).
In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the Extended Marketing Mix in 1981 by Booms & Bitner which added 3 new elements to the 4 Ps Principle. This now allowed the extended Marketing Mix to include products that are services and not just physical things.
Though in place since the 1980’s the 7 Ps are still widely taught due to their fundamental logic being sound in the marketing environment and marketers abilities to adapt the Marketing Mix to include changes in communications such as social media, updates in the places which you can sell a product/service or customers expectations in a constantly changing commercial environment.
In some spheres of thinking, there are 8 Ps in the Marketing Mix. The final P is Productivity and Quality. This came from the old Services Marketing Mix and is folded in to the Extended Marketing Mix by some marketers so what does it mean?
Even after 31 years (or 54 in the case of the original P’s) the Marketing Mix is still very much applicable to a marketer’s day to day work. A good marketer will learn to adapt the theory to fit with not only modern times but their individual business model.
Professional Academy's Marketing Theories Explained is a video series that explains marketing models in more detail. Watch the recording for the Marketing Mix to see CIM tutor, Professional Academy trainer and all-round marketing pro Peter Sumpton talk about the model and how it can be used in practice.
If you're more of a visual learner, check out this 2-minute animated video explaining how to use the marketing mix and 7 Ps of marketing.
At Professional Academy the Marketing Mix is used across all of our marketing qualifications and first taught as part of the CIM Foundation Certificate in Professional Marketing but every level of qualification there are nods back to the Marketing Mix P’s in some way, shape or form. This makes them key knowledge for any marketer to be used alongside other marketing theories such as SWOT Analysis, PESTEL Theory, the Boston Consulting Group Matrix and Stakeholder Mapping.
For more information on the Professional Academy’s Marketing Qualifications please download a Prospectus today.
For more in-depth information on the Marketing Mix you can download this Free CIM Guide to Marketing and the 7 P’s.
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