The Marketing Mix is a combination of tools that are used in order to create a marketing plan and, ultimately, earn more revenue. The term ‘marketing mix’ dates all the way back to 1948 but was made popular in 1960 by E. Jerome McCarthy.
Traditionally, the marketing mix was made up of the four P’s: product, price, placement, and promotion. However, nowadays, more tools have been added to the marketing mix to create 7 P’s: product, price, placement, promotion, people, process, and physical evidence.
Benefits of a marketing mix are that it allows you to figure out what your customers want and how to promote it to them. Essentially, it is all about getting the right customer to see the right product at the right time, all while ensuring the price is right.