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About this Episode
The Marketing Mix is a concept from the 1940’s which aims at simplifying and outlining the marketing process.The marketing mix was first used by James Culliton in the 1940’s and was originally the four P’s
- Product
- Place
- Price
- Promotion
Then in the 1960’s a marketing professor called Edmund Jerome McCarthy added another three, to make it more applicable to the growing service industries.People, Physical Evidence and Process
In the 1990’s the 4 C’s were introduced
Communication, Consumer, Convenience, Cost
And today we have the 7’C’s which form the latest Marketing Mix.These are:
Core Value Proposition
This principle is conveyed as a short statement that provides a compelling reason for a product to exist and why consumers should care. The core value proposition describes the product market fit.
Consumer Outreach
Is the concept of finding our target audience, who are they, where are they and what are they interested in?
Channels
Are the locations where we can advertise a product. This could be offline in a high street store or online on a social media platform for example.
Campaigns
Form the top level breakdown of our marketing efforts. We can have individual campaigns for different channels, offers, landing pages.Tracking each individually and optimizing accordingly.
Customer Acquisition
Is the method and cost it takes to acquire a customer.
Customer Lifetime Value
Is the total revenue that customer will generate through direct sales, repeat business or subscriptions.
Customer Journey
This is the path that a customer takes from first hearing about a brand to purchasing, receiving and hopefully telling their friends about it. Marketers use sales funnel diagrams to map out our intended customer journey.These are the 7 C’s that form the modern marketing mix.
Full blog post and slides:
No transcript available for this episode.
