The Importance Of The Marketing Mix For A Business
Most people who choose entrepreneurship have to know that their products must be differentiated from those of the competition to make them known through networking to improve their profitability and success. However, many entrepreneurs who decide to bet on a business face different impediments, such as not having all the expected customers or selling below their initial estimates. In this sense, to face all these obstacles, it is necessary to define strategies that the Marketing and Advertising professional knows perfectly, but the marketing mix can also be implemented.
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What Is The Marketing Mix
To understand the marketing mix and develop a good marketing plan, you have to know some aspects of the field. Marketing, in general, is aimed at increasing the sales of an organization, anticipating the wishes of customers, and satisfying them through the offer of a product. All these strategies will go hand in hand with an excellent systemic leader in charge of a project to maximize benefits.
In this sense, the marketing mix refers to the blend of elements that companies use to get specific responses in the market. Authors Kotler and Armstrong defined this tool as the set of controllable marketing tactics that entities combine to produce a desired response in the target market. Throughout history, many authors have tried to list the different tasks of the marketing department.
The Main Elements Of The Marketing Mix
Both digital and traditional marketing have to define the objectives to follow to rely on the marketing mix tool. On the other hand, these elements are also known as the 4Ps of marketing: product, price, promotion, and distribution (placement).
4P Of Marketing The Product
The product in the marketing mix is the first element and has a single function to satisfy customers’ needs. If it does not satisfy any need, the product will not be accepted in the market fulfilled, entrepreneurs make the mistake of ‘falling in love with their products and focusing on improving their characteristics, as well as highlighting the qualities, but if a prior market study is not done to know the consumer and their needs, it will be useless.
On the other hand, this product can be tangible or intangible, possibly referring to objects, goods, services, people, places, or organizations. It can also be divided into three levels:
- Essential or Basic: It refers to what the customer buys, that is, the primary benefit or service of the product.
- Real: Meanwhile may have different characteristics such as quality, price, brand, packaging, and labeling.
- Increased: It is much more than the primary benefit and the characteristics of the products, and it refers to aspects such as warranty, after-sales service, credit, delivery, or installation.
4P Of Marketing The Price
The price in the marketing mix is the amount of money that consumers are willing to pay for a product. Before setting this amount, it will be essential to study various aspects such as, for example, the target, the market in which the activity will be carried out, the costs of production or acquisition, and the competition. To work with the second 4P of marketing, companies should take into account the following strategies:
- Set a profit margin, that is, set the price based on the different costs incurred in producing the product.
- A marketing mix strategy focused on setting the price based on the products of the competition.
- Strategy is based on setting the price based on the value perceived by customers. It is usually used when the product has prestige and fame in the market.
4P Of Marketing Promotion
Promotion is another essential element that is part of the 4Ps of marketing. It is understood as to how the seller transmits the necessary information to the target audience. Its objective is to stimulate demand for the achievement of organizational goals. In addition, there are numerous communication tools that companies can use, such as sales promotion, advertising, public relations, and direct marketing. Social networks are a great ally of the organizations through which they launch countless promotions in recent times.
Marketing 4P Distribution or Placement
The last variable of the 4Ps of marketing is the distribution or also known as placement. In this sense, it is to consider how the company wants to get the products to consumers, that is, consider the activities necessary to transfer the product to the points of sale. The product must be at the right time and place to choose it before that of the competition. On the other hand, this section considers aspects such as storage, inventory management, transportation, or order processing within the marketing mix.
Ultimately, the marketing mix is acquiring new approaches and adaptations of trends that must be seen from the perspective of the company and the consumer. For this reason, professionals such as the Senior Technician in Marketing and Distance Advertising must have in- depth knowledge of this tool, as well as its application according to the characteristics of the organization or the needs of the clients, to achieve the goal of acquiring a better position in the market concerning the competition.