I need to better understand the "marketing mix" in terms of the classic components and how they interact with one another.
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The marketing mix is probably the most famous phrase in marketing. The elements are the marketing 'tactics'. Also known as the 'four Ps', the marketing mix elements are price, place, product, and promotion.
Some commentators will increase the marketing mix to the 'five Ps', to include people. Others will increase the mix to 'Seven Ps', to include physical evidence (such as uniforms, facilities, or livery) and process (i.e. the whole customer experience e.g. a visit the Disney World). The term was coined by Neil H. Borden in his article 'The Concept of the Marketing Mix' in 1965.
The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar! It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand increase the focus on promotion and desensitize the weight given to price.
Marketing mix. You have decided what your overall company mission is. You have then gone through the process of defining your marketing objectives, and defining the marketing strategies you will employ in order to meet those objectives. You are now moving into the decision-making process ...
Here is just a sample of what you will find in the solution:
"You have then gone through the process of defining your marketing objectives, and defining the marketing strategies you will employ in order to meet those objectives. You are now moving into the decision-making process for defining the actual tactics you will utilise."