The marketing mix is the business strategy to promote and position your products or services in the market, in the the right place, time and price to attract customers, satisfy their needs and obtain their loyalty to the brand.
In this article you will find:
The 4Ps of Marketing mix
Given the need to internally know the business and also to the market and consumers, it is essential to identify the 4Ps of marketing mix:
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- Price - Price
- Product - Product
- Place, place or distribution - Place
- Promotion - Promotion
These four elements are the foundation on which any company is built, their strength is the foundation for a successful business.
New Ps of the Marketing Mix
Currently many connoisseurs handle the idea of including new elements to the 4Ps of the marketing mix, there are references to models of 7Ps, 8Ps and even higher numbers to identify their fundamental elements. However, the first includes most of them.
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Elements of the Marketing Mix
As mentioned above, the marketing mix is made up of 4 fundamental elements: Price, product, place and promotion. These are the ones that are presented below, later other elements that are part of the new Ps of marketing mix.
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Price
The price of a product is the monetary amount that consumers pay to purchase a product or to have the right to enjoy a service, determining its fair value is vital for any company since it is directly related to the demand for the product and its level of sales.
With this it is deduced that the prices can determine the income, benefits or profits that the company receives, as well as its stability and permanence in the market.
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It is important to note that customers will analyze the offer in the market and will generally choose the product or service that gives them the best price-quality ratio.
Product
The product offered by a company can be tangible, such as goods, or intangible, such as services, in Both cases are loaned or produced to meet market demand and the needs of customers. consumers.
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So, to offer the product that best meets customer requirements, it is necessary to know their life cycle: growth, maturity and decline, to make the necessary adjustments, position them, stimulate its demand and stay in the market.
This action must be carried out in conjunction with the product mix, that is, the correct combination between its diversity and the depth of the product line. production offered, and even supplementary or complementary services and elements, such as guarantees, packaging, after-sales service and Similar.
Square, Place or Distribution
As important as the previous elements is the distribution of the products marketed by a company, since this activity depends on the potential consumers having access to your products, in the time, quantity and adequate conditions to attend to their needs.
To achieve this objective, it is necessary to determine the most effective and efficient channels through which a product passes. This includes from its manufacture until it is in the hands of the final consumer.
Even in this element, the type of business is very important, since the way of distributing a product from a traditional company is not the same as that of an e-commerce or virtual store.
Promotion
It is the way in which companies promote their products, make them known and encourage their purchase to the public. This business effort to increase sales is often supported by advertising campaigns, public relations, and the like.
Generally uses media, exhibitions, events and informal communication or word of mouth; a special case is made up of the internet and social networks, blogs and any online participation.
Finally, it is convenient to mention some of the other Ps that are being considered as part of the marketing mix:
- People - People
- Physical Evidence - Presentation
- Process - Process
- Productivity & Quality - Productivity and Quality
- Partners - Strategic alliances, and even many others
