What is the marketing mix and the “4P” of marketing?
The marketing mix can be defined as the set of strategic and tactical actions that a company generates to promote and boost sales of its brand or product in the markets it operates.
The essence of the marketing mix is summed up to produce and sell the right product, in the right place, at the right time and at the best price. Although this seems simple, in practice it becomes more difficult than it seems, since each of the parts of the marketing mix has to be consistent with the others, which makes it necessary to plan and execute it effectively.
If you want to know more about the marketing mix, its importance and how to put it into practice in your business, keep reading this post.
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What are the “4Ps” of the marketing mix?
Marketing is a very broad area that covers much more than the promotion of a product, service or brand. It includes all the tactics that will be used to provoke in the consumer the desire to acquire a merchandise.
In this sense, the marketing mix represents all the elements that make up marketing activities.
This concept was created in the 60s by Professor Jerome McCarthy and spread by Philip Kotler, considering the basic pillars in any :
- Pproduct.
- Ptough.
- Ppoint of sale
- Premoval.
These pillars are known as the “4P” of marketing and must be in perfect balance for the company to achieve its ultimate goal. That is, awaken the desire to buy in people and sell.
To make it easier for you to understand, we are going to explain each of the pillars of the marketing mix.
1. Product
The first pillar of the marketing mix refers to the . That is, what you or your brand offer to the public.
However, this first pillar does not refer only to the physical product or the service itself, but rather serves to understand the added value that it offers to consumers.
In the end, more than providing something of quality, with the best resources and technologies, it is essential that the product or service solve the problems of those who use it.
When you define the characteristics of your product, it is easier to develop attractive strategies aimed at the right audience.
To do this, follow the checklist below to identify:
- The demand(s) that your product manages to meet;
- How it does it (its functions, benefits, etc.);
- How people can and should use it;
- Its characteristics, such as name, description and format;
- What differentiates it from the competition.
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2. Price
The second pillar of the marketing mix, price, is one of the most important for your strategy. Not only because it is linked to the and the investment capacity of the business, but for being responsible for the way the public sees your product
During the process of it is important to define one that is lucrative and that, at the same time, is in accordance with the market.
However, it is worth noting that, many times, consumers do not mind paying more for a product or service if it has added value and significant advantages.
Reaching a fair balance for both parties is a way to guarantee the permanence of your business in the market. To make this happen, consider:
- Your production costs;
- How much the customer is willing to pay for what you offer;
- How much are your competitors charging;
- What are the factors that can change the price of your product (festive times, special customers, distribution areas, among others).
3. Point of sale
The third pillar of the marketing mix is the point of sale and is responsible for how the customer reaches your brand or your products. In other words, it is directly related to the .
Defining the Point of Sale is much more complex than opening a or physical. This process includes identifying where the people who may be interested in your products are in order to offer them where they are visible, desired and, of course, bought.
The first step in defining distribution channels is to find out if your customers are looking for the products you offer on social networks, or physical outlets. Then, you must establish the necessary logistics to meet the demand.
Here are some questions that can help you in this task:
- Will it be necessary to increase my team to get all the points?
- What tools do I need to distribute in the best places?
- What do I need to customize in each channel to have positive results?
In the case of online businesses, it is interesting that , so that potential customers have contact with your brand when they are looking for the type of product you offer. Learn more in our post about .
4. Promotion
The fourth and last pillar is Promotion.
Contrary to what its name suggests, these are not promotions or liquidations, but actions to promote a brand and its .
You need to invest in the right actions so that the customer recognizes the potential of your product and sees in it the solutions to their problems.
These are some of the ways you should follow to direct the promotional actions of your products and services:
- Define the best promotion channels, that is, by your potential clients or the most frequented places;
- Find the most suitable days and times to promote your business;
- Check which actions have the best results, such as the format of the contents (images, texts) and language;
- Also investigate what your competitors are doing and discover the strengths and weaknesses of those strategies.
This information will help you better understand the type of action that most impacts your .
Don’t forget to pay attention to the failures of the competition as well, because they can be a big gap for you to meet the unmet needs of the public. To find out more, check out our blog on how to .
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Why is the marketing mix important?
After learning about the “4Ps” of marketing, you may have been left with the impression that they are very obvious. In the end, the definition of the product or service, its pricing, distribution logistics and promotion are common activities in any company.
In reality, the marketing mix does not serve only as a simple list of what you must do. It also helps you discover in the most effective way how to conquer and and to understand why your investments are not giving the expected results.
Maybe you are selling your products in places or channels where your target audience cannot find them. Or your dissemination strategy is not being able to clearly convey the characteristics of the merchandise.
By including the marketing mix in your company’s strategy, it is easier to show consumers the main differentiating elements of your brand. And so, convince them that they should buy from you.
For example, think of a can of soda. There are many different brands on the market, right? But if you sell it on the beach, on a hot day, it will be perceived as a more valuable and desired item.
The same happens if the soda has in its composition the juice of an exotic fruit. In this case, it can be transformed into a different article and, consequently, more desirable for a certain part of the public.
It should be remembered that each of the “4P” of the marketing mix can and should be modified and adapted according to the characteristics of each business. Thus, you will be able to benefit from this strategy, regardless of the in which you act
The evolution of the marketing mix: the “7Ps”
At the beginning of this text, we said that the marketing mix is a concept created in the 1960s. Since then, many things have changed, so it is to be expected that this strategy was reformulated.
And that was exactly what happened.
In the 1980s, marketing professionals and researchers realized that the “4Ps” were not enough to meet the needs of companies at the time.
And the reason was very simple: focus.
The “4Ps” of marketing were product-oriented, leaving aside aspects that were also very important, such as the target audience, brand positioning and marketing. .
To include all of this, three new elements were added, which gave rise to the “7Ps” of marketing.
5 people
The fifth pillar of the marketing mix is focused on human emotions and relationship building. Now, it is not enough to appeal only to rationality to reach customers.
It is necessary to go further and include the people related to the product in the process, mainly those behind the business.
A store that offers quality products at a fair price and in a pleasant environment will never work if its employees do not .
The idea is that all the teams (service, support, marketing, etc.) are totally in tune and focused on the business objective.
In this sense, a good It can be a great differential element in relation to the competition.
6. Processes
Have you ever imagined what the when they buy a product or service? Is it positive or negative?
This is precisely the sixth pillar of the marketing mix.
It includes from the first contact with the brand from an advertisement to the completion of the purchase and the .
An ecommerce, for example, must guarantee a good with the shortest possible loading time, well-located information and online support for users.
A physical store, for its part, must worry about offering and maintain a pleasant environment.
These processes must be well documented and shared with the entire team so that they are executed correctly.
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7. Physical Test
The last of the pillars of marketing has to do with the place of sale. And, contrary to what it may seem, it is not the same as Point of Sale.
Physical Evidence refers to the space where products or services are sold and delivered.
Here are the tangible aspects of the physical space, such as the decoration, the arrangement of the furniture, the colors of the point of sale, etc. In the case of online businesses, the design of the website or blog should also be considered.
All these elements must be taken into account, since they influence the user experience.
Always direct your strategies to the right people
You must have noticed that in all the pillars of the marketing mix, whether they are “4P” or “7P”, we always reinforce that it is very important to develop your actions thinking about the particularities of the people you want to reach.
Do you know why we insist on this matter? Because you cannot create an effective marketing strategy without having a buyer persona to direct your actions to.
So now that you know what the marketing mix is, it’s time to go further. So don’t you…
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