How to implement the marketing mix in your business? The marketing mix is one of the most important elements of any business. Without these elements, we could not have good strategies for our brands or also promote each of our business objectives. That’s why any company needs to understand what the 4Ps are. Therefore, in the following blog, we will explain how they work, how to implement them, and what they mean for your company.
Definition of Marketing Mix
The marketing mix is all the tactics that businesses use to promote the branded products or services they offer in a market.
The 4Ps that make up a marketing mix are:
Price, product, promotion, and place.
Although today there are new marketing Ps and it continues to evolve every moment.
The original story of the marketing mix
Jerome McCarthy in 1960, with his book Basic Marketing: A Managerial Approach, established, probably without knowing it at the time, the concepts that later would help formulate the marketing mix.
The North American author and professor at the University of Michigan formulated at that time the four main variables we must take into account when developing strategies. Alongside this, he also summarized them in a mnemonic resource.
This is something that experts in the area all around the world still use today. These four Ps are defined as product, price, place, and promotion.
- Product McCarthy (1960) made a change in business approaches to products and potential customers. The university professor defined it as a product any good, tangible or intangible, expected to be commercialized. In this sense, no one should consider the product as a physical object and neither should a service.
- Price As for the second P, it refers to the amount that a customer must pay for said product or service. This price is what generates income and profits for businesses. When assigning the cost of a good, businesses must take different factors into account. For example, the legal framework, the market, and competition fixing methods, and other pricing strategies.
- Place The plaza was defined by McCarthy (1960) as the geographic space to sell a product or service. In other words, it talks about the activities that allow the arrival of a product to its target market.
- Promotion The last element of the marketing mix is promotion. This is one of the fundamental bases of the marketing set. After all, it refers to the activities that seek to promote or disseminate a product to the market. The main goal of this element is to influence the minds of consumers to create a positive perception of your brand, good, or service. From the moment McCarthy exposed this marketing mix, it changed the way brands created their strategies. Before it, all companies cared about was generating sales. As a result, they simply ignored the customer’s role in the revenue stream.
What is the Marketing Mix?
To start applying the marketing mix, you must first need to understand that it’s about placing the right product in the right place, time and price.
It sounds easy, but it can be more complex than it sounds.
After all, you need to know absolutely every aspect of your business plan.
The marketing mix is those four elements that make up the basis of your company and will help you build a successful business.
Elements of the digital 4Ps
Business strategy specialist and author Idris Mootee designed a new P-four with a more dynamic approach geared towards digital marketing. These new elements within the marketing mix are aimed at leaving behind the marketing mix exposed by McCarthy (1960). In other words, its main focus is on giving way to the “Digital 4Ps”.
The new Ps were made up of personalization, participation, peer-to-peer, and modeled predictions. The first P focused on personalization as opposed to the mass marketing that has been going on for many years. This new P aimed to analyze, find and study in-depth the behaviors of our target customers with the help of digital tools. Personalization seeks to create a marketing strategy that adapts to and satisfies consumer needs.
As for the P for participation, it focuses on involving customers in the company. For this, brands must give them enough space to share their opinions with other consumers and with the same brand. This way, they can improve their products or find out any concerns.
Peer to peer talks about how people build their trust in a company due to the same publicity given among its customers. Advertising is known as “word of mouth” had been a double-edged sword for many brands. After all, in some cases, it ended up hurting them. Here, the objective is for companies to create strategies to communicate with their customers directly and build trust between the company and the consumer.
Finally, the P of modeled predictions refers to using digital tools to predict the behaviors that customers have based on their particular interests. This allows companies to develop a digital marketing strategy in the medium or long term. As a result, this allows them to be attentive to what consumers may need in the future.
Marketing Mix Strategies
Before looking for strategies that adapt to your business, it is important to know each of the bases and important elements of your company. After this, you can then segment each part within each factor of the marketing mix. From the product to the price, you must understand how your brand works. For this, we will give you some ideas so that you can implement the marketing mix in your business.
For the Product
The main strategy is to know the market you want to reach very well. For this, you must do a thorough investigation of their desires, their lifestyle, their needs and create a product based on it. Otherwise, likely, your business will not be successful.
For the place
It is important to know where you’re going to sell that product.
This is almost as important as the product itself.
After all, if you have a good product but no place or channel to sell it, you won’t make any money out of it.
That’s why you have to know your audience so well.
Only in this way can you know the stores they visit the most or if they prefer to buy online.
This is how people will find out about your business. Promotional strategies work as a way to bring important information to your clients or future ones in a variety of ways.
There are thousands of options you can take advantage of if you are creative enough.
For the price
In this case, you should offer a low price for those products that are just being presented in the market.
This way, customers will be more attracted to it and won’t find it too expensive for a new product.
In other words, they won’t think twice about buying it.
However, once the product starts to increase in popularity, and depending on your type of customers, you can raise the price. After this, you can offer new services to supplant it when its popularity declines.
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