Marketing Mix Concepts
What Is a Marketing Plan?
A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market. A marketing plan details the outreach and PR campaigns to be undertaken over a period, including how the company will measure the effect of these initiatives. The functions and components of a marketing plan include the following:
Market research to support pricing decisions and new market entries
Tailored messaging that targets certain demographics and geographic areas
Platform selection for product and service promotion: digital, radio, Internet, trade magazines, and the mix of those platforms for each campaign
Metrics that measure the results of marketing efforts and their reporting timelines
A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan.
Effective marketing touches on a broad range of areas as opposed to fixating on one message. Doing so helps reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic decisions when launching new products or revising existing products.