Marketing Mix Strategy Formulation Implementation Assignment

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What is the “marketing mix” and why is it so important in strategy formulation and implementation?
As America continues its transition to a service economy, marketing is playing a much more integral role as it relates to customer acquisition. Here, the marketing mix provides companies with an ability to occupy a niche within the consumers minds. My taking a strong position in consumer “Mind Share” brands are able to generate large sales and increase revenues. Companies such as Disney, Nike, and Coca-Cola have continually used the marketing mix to establish brands and economic moats that are difficult for competitors to erode. As a result, these companies not only enjoy higher profit margins, but they also have a very strong brand awareness with consumers within their respective industries.
The marketing mix is important to strategy formulation as it allows the business to create a consistent message and value proposition for consumers, irrespective of the channel being used. By having a clear marketing mix strategy, companies can make sure each element of the marketing program is congruent with the brand and its proposition to consumers.

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This further informs implementation as it allows companies to form a clear direction for their brands and products. For example, certain high-end luxury items never go on sale. These items are never found is discount retailers either. Here, a discount on the product would not correlate to the marketing image the company is looking to achieve with the brand. Likewise, as a luxury item, having the product distributed to discount retailers could potentially tarnish the overall image of the brand. As a result, the marketing mix not only helps to establish strategy, it also helps to inform the overall implementation of the strategy (David, 2020).

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