The marketing-mix concept
The marketing-mix concept
The world is constantly changing. With the internet, the experience and (the) consumer himself have changed, exposed daily to different stimuli at any and every moment. In an era where human attention increasingly retains only what captures it in a split second, the visibility of products and/or services has become a real challenge. Brands have strengthened their
marketing
, based on its basic pillars. Based on
marketing-mix
.
What is marketing mix?
A concept that encompasses what are the 4 P’s of the marketing: Product, Price, Promotion, Place. These are the variables studied by brands in their value propositions for the audience they want to reach. According to Philip Kotler, a leading figure in this regard, these variables are defined internally, in a controlled manner, at a strategic stage, always respecting the brand’s objectives. They are also dependent on each other, influencing each other and determining the success of the next.
The 4 P's of marketing
Each of these components has specific characteristics, applied strategically in the marketing plan.
marketing
of the brands.
Product
: O
core business
of business, meets the needs of the consumer. For its creation, it is necessary to define all tangible and intangible aspects such as quality, the designthe color, the size, the benefits. Every product and/or service has its own life cycle, i.e. how it behaves in the market;
Price
: Revenue generator for businesses, it determines the amount paid by the consumer to purchase a product and/or service. It also takes into account psychological aspects, as the consumer evaluates the relationship between cost and benefit in the market. If a product and/or service is seen as a reference by the consumer, the consumer will be willing to pay more to purchase it. It is thus established on the basis of the company’s costs and its objectives, competition and intended market perception;
Promotion
: The strategy of promoting a product and/or service to the public, seeking to arouse their interest and expectations. This strategy should be aligned with the benefits of the product and/or service because, post-trial, it should match the needs of the consumer, thus contributing to the enhancement of the brand’s positioning.
Place
: The distribution channels and points of sale, physical and/or online. Here the factors to be taken into account relate to the type of product and/or service sold, logistics issues, costs involved, delivery time and format, intermediaries and sales options (in own stores or multi-brand).
In conclusion
O
marketing-mix
is a concept where it is possible to verify that its practical applicability remains quite current (and will remain so). It is a key tool used by companies to define a more effective and efficient strategy that conveys their positioning in the eyes of the audience. It covers every step of the consumer journey, standing out in an increasingly competitive market. If you still have doubts about this concept and are looking for help in its strategic implementation, do not hesitate to contact us. Talk to us using the form below!
Source: Rock Content
