Marketing is, for any business owner, business owner or digital media professional, one of the fundamental aspects that must be included in their business strategy, through the development of a . Also known as marketing, it refers to all those strategies and policies carried out by the company to achieve success with the sale of its products or services.
To achieve this goal, the marketing mix plays a fundamental role. But, By What is the marketing mix important and what is it for?
What is the marketing mix
the marketing mix It is the master formula, the mixture of marketing strategies and policies that the company carries out to launch its products or services on the market. In this way, we can say that the marketing mix is a instrument used to analyze the market and the situation of the companythus serving as a starting point for the development of a more efficient strategy aimed at meeting the specific objectives of the campaign.
The marketing mix concept was first implemented by Neil H. Borden, Harvard professor. But it was not until 1960 that, thanks to the University of Michigan professor, E.Jerome McCarty, The idea of marketing mix as we see it today was unveiled.
The approach presented by McCarthy focuses on the analysis of four fundamental aspects: consumer behavior, market research, market research and planning. All this as the central axis of the development of a marketing campaign, and which is reflected in the 4 p’s of marketing: pproduct, place, price Y ppromotiontranslated into Spanish as product, distribution, price Y promotion.
What are the 4 P’s of the marketing mix and what are they for?
As we have already mentioned, the marketing mix refers to the mix of strategies and actions that companies carry out through the 4 P’s of marketing. The combination of each of these basic aspects allows marketing departments and managers to address the different problems that can be presented in a campaign, optimize them and achieve the best results with this. But, what is each of these marketing mix variables for?
Product
The product is one of the most important within all the variables related to marketing. This is directly related to the product or service that is sought to be offered to consumers, and includes a answer to why consumers need. That is, this variable explains why consumers seek to purchase a particular product.
This variable does not only include the tangible aspect of the product or service that is offered, but also its concept. That is, the values or ideas that build it, and that they are a fundamental part to generate the need for consumption in the buyer. Likewise, it works on aspects of design, packaging, product variability, etc. With which it is able to manage a product in accordance with the needs of consumers and, therefore, invite their purchase.
In any case, the p of product includes many other variables to take into account, such as:
- composition and formulation of the product/service
- packaging and packaging
- visual and logo design
- product lines and ranges
- sizes and packs
Distribution
When we talk about distribution, we mean different phases through which a product passes from its creation until it reaches the hands of the final consumer. This includes aspects such as: storage, transport, shipping time and costs, points of sale, etc. In addition to this, it assumes processes such as inventory management, essential for sales, since it requires monitoring of the stock of products.
This variable has great weight in the customer experience, as well as the final cost of the product and the profits achieved with sales. Therefore, it is important always maintain adequate control of the factors it comprises and carry out a thorough analysis of the different distribution, storage and operation solutions to develop a more adequate campaign.
Of course, within distribution, we also take into account the website that hosts your online store or the marketplace where you sell your products, or the sales team that offers your products and services to the end customer.
Price
This is one of the most relevant variables for the consumer, since it supposes the cost with which a product or service is offered in the market. But in the management of this aspect, it is not only possible to determine the monetary value of the product, but also to establish market differentiation and leadership strategiesthrough the determined price.
To achieve this goal, it is necessary to carry out studies on the perspective of consumer spending, as well as on the prices of the competition. Which will allow us to establish a price that can offer a profit to the company. This field includes key aspects for the smooth running of the company, such as the definition of prices, the application of discounts and offers or the competitive monitoring of your competitors’ prices.
Promotion
Finally, we come to the last of the original 4 P’s of the marketing mix, promotion. This variable encompasses different means and channels by which a product or service is given visibility, that is, by means of which he is made known. With the promotion, companies manage to expand their reach and consequently boost their conversion and sales ratios. Much of the work included in this variable falls on the advertising study and the evaluation and calculation of the or other performance indicators, as a fundamental part of creating an effective promotional campaign.
In the digital area, display campaigns, work with en or sponsored articles are part of the field of promotion.
From the 4 Ps to the 7 Ps in services marketing
We already talked about the 4 P’s of marketing, crucial aspects for the study and creation of marketing strategies by companies. The history of marketing advances and, although these remain the most basic aspects, the passage of time and the evolution of the market have brought to the fore. On the other hand, according to the business sector, these can also change, and so in the service sector these 4 become the 7 P’s of marketing.
Starting from the 4 that we have already mentioned, the companies dedicated to providing services added 3 new pillars for the management of their strategies. These are: people, process Y physical evidence; or as they are translated in Spanish: people, process Y physical evidence. Let’s see what these new additions are about.
People
This variable takes into account one of the most important factors and one that should never be ignored for the services sector, which is none other than the work team. Part of the consumption experience occurs with the interaction between the consumer and the different fronts of your work team.
Therefore, it is important to manage body of work that is clear about the needs of customers and presents their satisfaction as a priority. This in search of being able to offer a better experience for customers, which will end up appearing in an improvement on conversions.
Process
This variable focuses on how the service offered by the company is provided, that is, how the customer is served. This aspect can be related to that of «product«, since it focuses on understanding and promoting the offer of a differential value for the consumer. In this case, said value is offered through the attention and service provided, which by creating a differentiation within the market optimizes the scope of the brand and its capacity for loyalty.
Physical evidence
Finally, physical evidence supposes the provision of evidence that can confirm the quality of the service for potential customers. This strategy usually incorporates videos, images either testimonials, which allow attesting to the service provided. And that they also provide customers with a means to understand in a more didactic way what the service provided is for and what they can achieve with it.
Evolution of marketing: from traditional marketing to digital marketing
The world has changed a lot and, with it, so has marketing. Milestones like this and its subsequent unstoppable development have meant a huge change in the communication and sales landscape. The marketing mix has been able to find new tools and make the most of the potential of the digital medium to take their actions and results to another level, a fact that, on the other hand, was inevitable, renew or die they say.
What is the digital marketing
As its name indicates, this modality uses the different digital technologies to carry out the tasks of marketing, such as market and consumer analysis, product promotion, sales experience design, etc. Digital marketing raises new possibilities that, only by using traditional or offline marketing, would be practically unattainable. Within digital marketing we include areas such as marketing, SEM, or display campaigns.
What is digital marketing for?
The objective remains the same as that of traditional marketing, and using one does not mean discarding the other, since the combination of both is always a highly recommended option. Digital marketing keeps the focus on add value to a product or service and arouse consumer interest. Its main advantage over traditional marketing is that it allows it to reach a much larger audience than marketing carried out in traditional formats (press, TV, billboards, postal mail) in a segmented way and with the possibility of obtaining measurable and concrete results.
However, digital marketing is immersed in a constant evolution and progressing at a dizzying pace. Strategies that were effective a few years ago are now left lame if they are not updated and the novelties are not identified. This is why maintaining constant training will be essential to continue meeting your goals in the future.
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