{"id":3183,"date":"2023-02-19T16:11:50","date_gmt":"2023-02-19T16:11:50","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/defining-the-marketing-mix\/"},"modified":"2025-05-27T22:01:08","modified_gmt":"2025-05-27T22:01:08","slug":"defining-the-marketing-mix","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/defining-the-marketing-mix\/","title":{"raw":"Learn It 14.3.1: The Marketing Mix","rendered":"Learn It 14.3.1: The Marketing Mix"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the 4Ps of marketing: product, price, place, and promotion&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the 4Ps of marketing: product, price, place, and promotion<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Give examples of the marketing mix&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Give examples of the marketing mix<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand how marketing strategies align with corporate strategies&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand how marketing strategies align with corporate strategies<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Marketing Mix<\/h2>\r\n<p>Having a great product or service is just the first step in establishing a successful business or building a successful brand. The best product or service in the world won\u2019t translate to profits unless people know about it. How do you reach customers and help them connect with your product? That\u2019s the role of the marketing mix.<\/p>\r\n<p>The <strong>marketing mix<\/strong> is the bundle of tactics a company can use to promote its products or services in the market in order to influence consumers to buy. The marketing mix is also known as the 4Ps: product, price, place, and promotion.<\/p>\r\n<ul>\r\n\t<li>The <strong>product<\/strong> is the good or service that the company provides.<\/li>\r\n\t<li>The <strong>price<\/strong> is what the consumer pays in exchange for the product.<\/li>\r\n\t<li>The <strong>place<\/strong> is where the product is purchased.<\/li>\r\n\t<li><strong>Promotion<\/strong> is comprised of advertising, sales, and other communication efforts the company utilizes to attract the customer.<\/li>\r\n<\/ul>\r\n\r\n[caption id=\"attachment_14015\" align=\"aligncenter\" width=\"538\"]<img class=\"wp-image-14015 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3006\/2016\/08\/21175851\/IMG_TheMarketingMix1.png\" alt=\"Title: The Marketing Mix. A graphic showing \u201cTarget Market\u201d as the central piece of the 4 Ps surrounding it: Product, Price, Promotion, Place.\" width=\"538\" height=\"496\" \/> Figure 1. The marketing mix is also known as the 4Ps: product, price, place, and promotion.[\/caption]\r\n\r\n<section class=\"textbox linkToLearning\">\r\n<h3>Erewhon Market<\/h3>\r\n\r\n[caption id=\"attachment_5977\" align=\"alignright\" width=\"116\"]<img class=\"wp-image-5977\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2-224x300.jpg\" alt=\"bottle of green juice from Erewhon Market\" width=\"116\" height=\"155\" \/> Figure 2. Erewhon Market successfully used the 4Ps to transform to an upscale supermarket.[\/caption]\r\n\r\n<p>Erewhon Market began as a small stall selling natural and organic foods in Boston, Massachusetts in the 1960s. Since then, with a relocation to California and a change in ownership, it has been transformed into an upscale supermarket chain in Los Angeles.[footnote]Erewhon Market. \u201cOur Story.\u201d Accessed May 2, 2023. https:\/\/www.erewhonmarket.com\/about\/[\/footnote] Erewhon's marketing mix is so successful that some <a href=\"https:\/\/www.thecut.com\/2023\/04\/erewhon-addicts.html\">people who work multiple jobs to get by can't get enough of Erewhon's luxe groceries<\/a>. What's Erewhon Market's marketing secret?<\/p>\r\n<\/section>\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"400\"]6540[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the 4Ps of marketing: product, price, place, and promotion&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the 4Ps of marketing: product, price, place, and promotion<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Give examples of the marketing mix&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Give examples of the marketing mix<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand how marketing strategies align with corporate strategies&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand how marketing strategies align with corporate strategies<\/span><\/li>\n<\/ul>\n<\/section>\n<h2>Marketing Mix<\/h2>\n<p>Having a great product or service is just the first step in establishing a successful business or building a successful brand. The best product or service in the world won\u2019t translate to profits unless people know about it. How do you reach customers and help them connect with your product? That\u2019s the role of the marketing mix.<\/p>\n<p>The <strong>marketing mix<\/strong> is the bundle of tactics a company can use to promote its products or services in the market in order to influence consumers to buy. The marketing mix is also known as the 4Ps: product, price, place, and promotion.<\/p>\n<ul>\n<li>The <strong>product<\/strong> is the good or service that the company provides.<\/li>\n<li>The <strong>price<\/strong> is what the consumer pays in exchange for the product.<\/li>\n<li>The <strong>place<\/strong> is where the product is purchased.<\/li>\n<li><strong>Promotion<\/strong> is comprised of advertising, sales, and other communication efforts the company utilizes to attract the customer.<\/li>\n<\/ul>\n<figure id=\"attachment_14015\" aria-describedby=\"caption-attachment-14015\" style=\"width: 538px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-14015 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3006\/2016\/08\/21175851\/IMG_TheMarketingMix1.png\" alt=\"Title: The Marketing Mix. A graphic showing \u201cTarget Market\u201d as the central piece of the 4 Ps surrounding it: Product, Price, Promotion, Place.\" width=\"538\" height=\"496\" \/><figcaption id=\"caption-attachment-14015\" class=\"wp-caption-text\">Figure 1. The marketing mix is also known as the 4Ps: product, price, place, and promotion.<\/figcaption><\/figure>\n<section class=\"textbox linkToLearning\">\n<h3>Erewhon Market<\/h3>\n<figure id=\"attachment_5977\" aria-describedby=\"caption-attachment-5977\" style=\"width: 116px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5977\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2-224x300.jpg\" alt=\"bottle of green juice from Erewhon Market\" width=\"116\" height=\"155\" srcset=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2-224x300.jpg 224w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2-65x87.jpg 65w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2-225x301.jpg 225w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2-350x468.jpg 350w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/02125246\/6310808326_62e03a4aea_c-2.jpg 598w\" sizes=\"(max-width: 116px) 100vw, 116px\" \/><figcaption id=\"caption-attachment-5977\" class=\"wp-caption-text\">Figure 2. Erewhon Market successfully used the 4Ps to transform to an upscale supermarket.<\/figcaption><\/figure>\n<p>Erewhon Market began as a small stall selling natural and organic foods in Boston, Massachusetts in the 1960s. Since then, with a relocation to California and a change in ownership, it has been transformed into an upscale supermarket chain in Los Angeles.<a class=\"footnote\" title=\"Erewhon Market. \u201cOur Story.\u201d Accessed May 2, 2023. https:\/\/www.erewhonmarket.com\/about\/\" id=\"return-footnote-3183-1\" href=\"#footnote-3183-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> Erewhon&#8217;s marketing mix is so successful that some <a href=\"https:\/\/www.thecut.com\/2023\/04\/erewhon-addicts.html\">people who work multiple jobs to get by can&#8217;t get enough of Erewhon&#8217;s luxe groceries<\/a>. What&#8217;s Erewhon Market&#8217;s marketing secret?<\/p>\n<\/section>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm6540\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=6540&theme=lumen&iframe_resize_id=ohm6540&source=tnh&show_question_numbers\" width=\"100%\" height=\"400\"><\/iframe><\/section>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-3183-1\">Erewhon Market. \u201cOur Story.\u201d Accessed May 2, 2023. https:\/\/www.erewhonmarket.com\/about\/ <a href=\"#return-footnote-3183-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":21,"menu_order":15,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Defining the Marketing Mix\",\"author\":\"\",\"organization\":\"Lumen 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