Question

How would you go about in deconstructing this question?

The Marketing Mix (also known as the 4 P’s) is a foundational framework in Marketing that dates back to 1960. Despite its age, the Marketing Mix still appears in most modern textbooks, and is taught at all business schools in both undergraduate and postgraduate programmes. Why do you think the Marketing Mix is still considered important today? Your answer should include an explanation of why the word ‘Mix’ is so central to understanding this framework

Answer 1

Marketing mix plays an important role in designing the overall strategy. The marketing mix combination of product, price, place and promotion decides the overall marketing approach.

Mix plays a crucial role in designing the overall marketing strategy of the organization. It helps in crucial business decisions of the organizations like segmentation, targeting and positioning. Based on that only , the business plan is being designed. While product mix helps in designing the segmentation and targeting strategies whereas price of the product decides the positioning of the product.

Thus in the current scenario also the marketing mix like product, price, place and promotion plays an important role in deciding the overall strategies of the organization.