The marketing mix is one of the classic elements of marketing, a term created by McCarthy in 1960, which is used to encompass its four primary components. These four variables are also known as the 4Ps (product, price, place, and promotion). The 4Ps of marketing (the marketing mix of the company) can be considered as the traditional variables that an organization count on to achieve its commercial objectives. For this, it is necessary that the four variables of the marketing mix be combined with total coherence and work together to achieve complementarity with each other.
The Marketing Mix
The product is the quintessential variable of the marketing mix as it encompasses both the goods and the services that a company sells. It is the means by which the needs of the consumers are satisfied. Within the product, you find such important aspects of working as image, brand, packaging or after-sales services. The marketing manager must also make decisions about the product portfolio, product differentiation strategy, lifecycle, or even new product launch.
Price is the variable by which a company’s revenues enter. Before fixing the prices of your products, you must study certain aspects such as consumer, market, costs, competition, etc. Ultimately the consumer will compare the value received from the product purchased, compared to the cost.
Establishing your pricing strategy is not an easy task. All variables, including price, have to work together and with total consistency. The price variable helps you to position your product.
In general, the distribution consists of a set of tasks or activities necessary to move the finished product to the different points of sale. There is a need to get the product into the hands of the consumer at the right time and place. There is no single way to distribute products, but it will depend on the characteristics of the market, the product itself, the consumers, and the resources available. The distribution strategy works on aspects such as storage, inventory management, transportation, the point of sale location, ordering processes, etc.
Thanks to promotion, companies can make known that their products can meet the needs of their target audience. There are different communication tools: personal sales, sales promotion, advertising, direct marketing and public relations. The way these tools are combined will depend on your product, the market, the target audience, your competition and the strategy you have defined.