Marketing mix strategy: what are the 4 P's and what are your objectives
Over time we have noticed that the ways of buying, selling, and consuming have changed substantially, causing markets to evolve to adapt. However, the essence of marketing remains the same and it is for this reason that the marketing mix strategy, which has been talked about since 1960, remains valid to this day.
The marketing mix or marketing mix aims to analyze the behavior of consumers to generate actions that satisfy their needs based on four main components, also known as the 4 P's: Product, Place, Price, and Promotion, or in Spanish product, price, distribution, and promotion.
In fact, 54% of companies revealed that their marketing strategy is somewhat successful because they follow the 4 P's to set their goals.
Marketing, as it has always done, has found different tactics to improve the customer experience, the product, and the image of the brands. But although it is constantly innovating, there are bases that continue to be respected and with which the current marketing structure has been strengthened.
Continue reading because in this article we will tell you what the marketing mix is, what it is for, and what its objectives are.
What is a marketing mix strategy?
As we mentioned before, the marketing mix is also known as the 4 P's, and its main objective is to cover four fundamental points ( price, product, distribution, and promotion ) to satisfy the audience, sell more, and achieve the goals proposed by the companies.
The concept of the marketing mix was developed in 1960 by Neil Borden, to define four elements that anyone who works with marketing has at their disposal and that can be used by all companies.
In fact, the concept developed by Borden brings up fundamental elements that allow us to ask vital questions to create the buyer persona and to outline marketing strategies in companies:
- What are the needs of the customers? (Product)
- What is the price that customers would be willing to pay for my products or services? (price)
- Where is the target audience? (Distribution)
- What are the best channels to reach that audience? (Promotion)
By answering each of these questions we can begin to draw up a strategy that manages to balance the 4 P's to captivate the public and build a brand.
In fact, marketers who proactively plan projects are 356% more likely to be successful based on consumer needs.
In short, we could say that the marketing mix strategy tries to put the right product or service, at the right price, at the right time, and in the right place.
And although the concept has been developed since the 1960s, it has not lost its value. The marketing mix has adapted to social changes and has remained an essential factor in the relationship between clients and companies.
In the next topic, we will explain each of the elements that make up the 4 P's so that you understand the role they play within the strategy.
The 4 P's, the elements of the marketing mix
Products
The product is one of the items that have the most weight within the marketing mix since it is the good, tangible or intangible, that will be built to satisfy the desires of consumers.
To launch your product on the market you must ensure that it will meet the demand of the target audience and that it will satisfy the consumers. In addition, your marketing team must understand the characteristics and strengths of the product in order to correctly design an effective strategy.
It should be noted that a product can be a good material, a service, or even a person who works with their image, as is the case of artists, athletes, politicians, etc.
To develop the product in the right way, we leave you some questions that can help you with that task:
- What are the characteristics that the product must have to satisfy consumers?
- How, when, and where will the customer use it?
- What makes it different from the other products on the market?
- How do you plan to reach consumers?
- What is the name of the product?
- How is the product physically?
- Do you have a name that is easy to remember?
- What are the benefits of your product?
prices
The price is the value that you will charge your consumers for purchasing your product and it will determine who your target audience will be.
The sales strategy will fall on this "P" since it will directly affect the economy of the company and the benefits that can be obtained.
A strategic sales plan will help you determine the price of your product because by following it correctly you will be able to deeply analyze your consumers and your competitors to draw up a plan that will lead you to achieve your goals.
Keep in mind that a very low price will give the impression that your product is of poor quality, prices that are above average may cause low sales volume and prices that do not cover your company's expenses may lead to a financial crisis.
To establish the price of a product you must answer some key questions:
- How much did it cost you to produce the product?
- What is the marketing value to consumers?
- Is the current price competitive?
- Could the decrease in the current price increase the number of sales?
Distribution
This “P” refers to the channels that consumers will use to reach your product.
This point is important because you must distribute your product in a place that is suitable for your target audience. In fact, distribution can be a decisive factor for a customer to make a purchase or not since, both in physical and virtual stores, the logistics and transport of the products have a lot of weight.
To put together a good distribution strategy, answer the following questions:
- Where do your consumers usually look for the products you sell?
- How do you access the different distribution channels?
- How can your company differentiate itself in terms of logistics and transportation?
Promotion
Promotion, within the marketing mix strategy, refers to boosting and promoting your brand so that it reaches the right audience.
Its main objective is to attract potential customers, provide all the information about your product, and increase the recognition of your brand. Some questions you can ask to promote your product are:
- How do your competitors promote and how can you differentiate yourself?
- What are the best channels to present your product to the audience? Radio, TV, internet, print publications?
In conclusion, we can say that the marketing mix strategy will help your company to follow a fixed course to correctly address the market, as well as being of vital importance to define the most effective ways to reach the audience to sell more, create a program loyalty and position your brand.
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