What is the Marketing Mix
We know that sales and consumption are key aspects of people’s daily lives, in very simple things we can see the power of Marketing and the commercial world that has been evolving over the years, but they follow an ancient base called Marketing mix or marketing mix.
This Marketing mix, has its bases in 1960, but until today in 2022, many companies confess to mount their projects guided by the teaching of this complex system of internal strategy.
Let’s see what is the Marketing mix or the “4 P’s” strategy and which are the characteristics that make it so successful.
Written by
- Redaction Team
- Content Creation, Content Marketing, Digital Marketing
Table of Contents
What is the Marketing mix or the 4 P's?
In any marketing strategy, regardless of the marketing company that wants to develop it, a series of basic elements must be taken into account in order to start a project. This base has been the same for more than 60 years, known as the Marketing Mix or the 4 P’s of marketing.
The Marketing Mix is known as a marketing strategy, whose main objective is to focus on the 4 elements that define the basis of the entire commercial area; Price, product, place and promotion. These 4 concepts must be the beginning of every marketing strategy to be considered a good Marketing Mix strategy.
The objective of the Marketing Mix as a commercial strategy is to create a perfect and error-free balance between price, product, distribution and promotion of the company, in order to obtain in the medium and long term, a great unified campaign where the 4Ps have been treated separately and have been unified through a perfect balance.
The importance of the Marketing Mix lies in its variables, that is to say, the price of the product, its distribution and promotion, is the main key to achieve long term success in sales. This Marketing Mix strategy, despite having years in the marketing world, is completely adaptable to the advances that have been made in Marketing, adding and shaping new concepts.
Nowadays you can find the Marketing Mix of the 7P’s, which adds to the 4 variables of the original Marketing Mix, three new elements which are, people, processes and positioning. The idea of this is to expand the Marketing Mix strategy with new concepts, but without altering its base.
Variables of the Marketing Mix 4 P'S
To correctly master the Marketing Mix strategy, it is necessary to pay more attention to its elements and variables.
Let’s get to know the concepts that make up the Marketing Mix strategy.
Product
The product is one of the most important elements of the Marketing Mix strategy, because it is the tangible or non-tangible good that will be promoted and distributed to satisfy the needs of a group of people.
Your product must be designed and created taking into account the following elements:
- Key features to meet the customer's need.
- The use the customer will be able to give it
- Elements that differentiate it from other products on the market.
- Product name and identity
- Physical characteristics of the product
- Advantages and benefits that the product will give.
Price
Of the 4P’s, price can be one of the elements that can stabilize or destabilize the company’s economy, since it will be the value given to your product to be marketed to the target public. The ideal is to achieve a balance between price and quality to obtain higher sales in the long term.
- Cost of production
- Marketing value
- Must be competitively priced.
- Decrease or increase the price depending on the number of sales.
Place
This refers to the places where the product will be distributed, i.e. where the target public will be able to obtain it. This is of utmost importance, since many elements such as logistics, virtual or physical stores, transportation and production must be taken into account.
- Use places where your company's products are already marketed.
- Ease of access to distribution channels.
- Better quality in logistics and transportation.
Promotion
For the Marketing Mix strategy, promotion is the key point to make everything mentioned above work, since both the brand and the product must be promoted and promoted, strategically directed to the target population.
- Stand out and differentiate your promotion strategy above the competition.
- Choose the best promotional channel for your target audience.
By paying special attention to these variables, a perfect balance can be achieved and the Marketing Mix strategy can be used correctly.
7P'S Marketing Mix Variables
Today we can add 3 more P’S to the Marketing Mix strategy, based on elements that have always been used, but had not been given special attention. These are known as the 7P’S Marketing Mix strategy.
People
You cannot obtain sales of a product if you do not have the information of the target person, that is, your buyer persona. It is the most important element to achieve a correct marketing.
- Know who your potential buyers may be.
- Define your Buyer persona
- Adapt the product to your potential customers.
Processes
Take into account all the steps and stages to get to the sale of the product. In Marketing Mix you must take into account each element, since the slightest mistake can cause a failure in the process.
- Marketing campaign
- Know your competition
- Know your product
- Be clear about the pros and cons of your product.
Positioning
It is the way your brand is perceived, how it is seen within the market and by consumers. For the Marketing Mix, this would be the advertising and marketing stage.
- Brand name and identity.
- Awareness
- Stand out from the competition.
