There is a direct relationship between the firm/brand’s marketing strategy and its marketing mix design. A marketing mix should be the execution of the firm’s marketing strategy.
In other words, marketing strategy is implemented through the combination and design of the marketing mix elements to meet the identified needs of a selected target market.
Please note that there are two considerations in the above approach to implementing marketing strategy:
- the marketing mix elements and
- the needs of the target market.
We should start with the blending of the brand’s marketing mix. Depending upon whether the firm is a service firm (and then would use the 7P’s marketing mix) or some form of manufacturer (then they would use the 4P’s marketing mix). And then we should consider how to align the marketing mix to the particular needs of the target market.
This approach to marketing strategy implies a very customer-centric approach, which is consistent with the marketing concept. This means that the strategy is built around customer needs, rather than existing operations of the business. This strategic marketing thinking should provide the firm/brand with a greater opportunity of success in the marketplace.
A strategic error
It is generally a significant mistake to look at the marketing mix elements in isolation, without consideration to an overall strategy. Which products should we have? – is a fundamental question and any business, but we need to consider what sort of organization we are and how have we chosen to compete on a competitive basis in the marketplace?
Unfortunately, this becomes somewhat of a common situation in some firms of lack clear agreement on a competitive marketing strategy.
Components of the marketing mix – such as product mix, pricing, forms of communication and so on – are looked at on individual basis – rather than on a holistic approach in order to execute the overall marketing plan and strategic goals.