The marketing mix strategy has evolved over time from the four Ps of product, place, price, promotion to the seven Ps including process, physical environment and people. Essentially, a marketing mix is all about getting the combination of these Ps to create the right product at the right price at the right time.
For example…
Take a few Ps from Adidas’s marketing mix. Their price strategy for newer products is a bit on the high side owing to brand equity. Their promotion strategy involves sponsoring top players like Ronaldinho or Sachin Tendulkar. The place strategy for Adidas is retail outlets and its own outlet through which products are sold both physically and online.
