Frans Minnaar, Management Advisor

Marketing mix is intended to help the companies assess their business activities. Originally, there were 4P’s that epitomized the marketing mix which included product, price, place and promotion. But recently, 3P’s have been added which stands for packaging, positioning and people.

While every personal brand is unique, they all have one important thing in common: they communicate confidently with their target market. To position yourself as a thought leader with a strong brand, you must be clear about who you are and who you are not, and consistently communicate your message to those who need it most.

McDonald's, a global fast-food giant, has mastered the art of marketing by employing a comprehensive mix of strategies tailored to meet consumer needs and stay ahead of the competition. The 7Ps—Product, Price, Promotion, Place, Process, People, and Physical Evidence—form the cornerstone of McDonald's marketing approach, ensuring the brand remains a household name.

To calculate the price of a product or service may be more complicated than it may seem at first glance. Let’s say, for instance, that the material you must be buy to provide a product or service cost $100. You want to make a profit of 20%, and therefore price the product at $120 (cost to manufacture the product plus the 20% mark-up).