What is Marketing Mix and how perro you use
Know what is marketing mix And how to apply it in your digital strategy? This technique, also known asof the 4P’s«, made up of four cambiantes, which give this system its name, which must work in complete harmony to bring success to all those companies that apply it.
These factors are interpreted by companies as the means that they must work to achieve all their business objectives and goals.
In this articulo we are going to talk a little about the Marketing Mix and how perro you implement it successfully in your corporate strategy.
But, in case you are one of those who still does not know it, I will begin by revealing its definition:
✅ IN THIS ARTICLE YOU WILL LEARN:
What is the Marketing Mix?
He marketing mix It perro be defined as a Marketing strategy through which companies study a product to find out how consumers perro receive it.
It is also known as “4P’s methodology» and receives this name from the initials (in English) of the 4 elements that compose it.
These are:
- Product (products)
- Price (prices)
- Distribution or point of sale (place)
- Communication or promotion (Promotion)
In the past, companies just went to the trouble of bringing the item to market without having the slightest iniciativa how it might be received by consumers.
Over the years, companies have refined this way of thinking and they have focused on the problems they cánido solve through what they offer.
In other words, they have come to put the customer at the center («customer centric«) of the problem and, as I say, focus on solving that need, understanding what worries you and how products and services cánido solve your concerns.
In this way, they avoid losing a lot of money in vain with something that has no profitability, now they know that consumers must know their product, understand it to justify their purchase, why they preferred it, and its price, among other factors.
That is why to promote a product or a personal brand, It is necessary to know the 4Ps of the Marketing Mix in order to carry out a successful strategy through consumer satisfaction.
In the next point I will talk a little more about the factors that make up this interesting methodology.
What are the 4 cambiantes of the Marketing Mix or “4P’s”?
Now that we know what the Marketing Mix is and that it is based on these 4 pillars or “P’s”, so that you understand the concept of each one and perro have a notion of its great importance, we will see each one separately:
» Product (Product)
The product is the basis that perro lead a company to success, since here the resources and services offered by the entity and are intended to solve a specific problem.
If that product or service is not capable of solving a need, it is most likely that it will not have any type of reception by consumers.
So clear and blunt.
It is a resource that must be developed to Espectáculo your difference from the competition and work on other factors, such as the image or reputation of the brand, packaging, after-sales services, etcétera.
» Price
represents the profit entry that the company will receive.
To fix the exact price of said product or service it is essential to take into account several circumstances.
Some of them may be, among others:
- The market situation
- the ideal consumer
- Investment
- direct competition
Once the product has been launched on the market, users are the ones who escoge if its value for the benefits it provides is worth it.
Actually, setting a price taking all these cambiantes into account perro be a bit cumbersome, but it is what gives the product a coherence and location in the market.
So if you present an article of excellent quality, it is habitual that it generates more reliability for the brand.
» Distribution (Place)
In the Marketing Mix, the distribution of the product is a key point for companies.
It is the way in which the transfer is made to the different sales centers.
You must study the right time and place to do it, and for that you must have certain variants in mind such as:
- Storage or stocking places
- Means of transfer
- inventory management
- Etcétera.
» Communication (Promotion)
Communication is the key element that allows us to make our product or service known to consumers.
And certainly there are many media that perro be used for this purpose, even more so today, thanks to the advantages of popular networks to disseminate all kinds of news and information in general.
These means cánido be, among others:
- custom sales
- sales broadcast
- Paid Popular Ads
- Marketing actions in events and congresses
- Public relations
All of them depend on what you are going to offer, the objetivo customer, the competition and the strategy that has been established, among others.
Practical Examples of Marketing Mix
So that you understand the Marketing Mix in the best way, we are going to take an example of a brand that you surely know:
› IKEA: example of Marketing Mix 4P’s
Of the IKEA company it is worth noting, as you already know, that it is mainly dedicated to the sale and distribution of products in the furniture and home area.
Well, as for these 4 factors (or 4P’s) of the Marketing Mix, we must emphasize that they approached it in the following way:
As for what refers to the productsthe range that this brand sells is quite wide, where we must include almost everything that a family would need or want to furnish their homes.
In addition to being wide in terms of functionality, such a range of products is also wide in terms of styles.
In its stores, IKEA offers you a huge selection of styles of various types of products for home decoration.
These products They mainly focus on the tastes and needs of customers.
Therefore, the range of products varies from one country to another and, in turn, from one culture and customs to others, after having researched them deeply, together with the lifestyle of its people.
As for the price issueWithin this analysis to understand what the Marketing Mix is based on the 4P’s, Ikea’s strategy on its prices is an example to follow.
To cite some of their cases, it should be noted that home delivery is available in practically all countries where they physically sell, although has an additional cost for the client and this is obviously clearly indicated and is obviously also justified by the shipping and delivery costs.
In stores, customers have the possibility of paying in several installmentsusually usually offers between 6 and 12 installments.
The combination of promotions and Marketing Mix actions made by the Swedish brand includes:
- Television advertising
- sponsorships
- Advertising in newspapers and magazines
- Advertising campaigns on the Internet (Fb and Google plus Ads)
Some of his televisión ads are considered controversial and, to me at least, some real works of art from a marketing point of view:
Conclusion
If you like take a product or service to the top rung of the marketthen you have to start implementing the Marketing Mix and its 4 Ps to achieve it.
This way you will be able to analyze what you offer focused on the solution that you perro give to the consumer, and then begin to carry out its distribution according to the factors of price and communication.
Remember that the price is based on the cost of the resource, the objetivo customer and the competition, the way in which How do consumers see it?
But if you offer quality, it is very likely that they will take it into account.
Then you perro think about how you cánido communicate your product so that it is known, you must make an analysis of the means by which you would like it to be presented.
Now you have the necessary knowledge to start applying this methodology to your product or service.
If you follow all these consejos, it is most likely that you will make yourself known in the market you want to objetivo, open a gap and start to grow financially.
Did you know about the existence of the Marketing Mix strategy and its 4P’s?
Do you know any company that does it?
Main image (onboarding) By Shutterstock.
Do not wait any longer and use the Marketing Mix in your strategies!
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