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.