¡Definition, 4ps, concept, benefits and example
Marketing Mix: definition, elements, benefits and practical example
The increasing competitiveness of the markets requires much more that to offer products or services at a low price. That strategy is not sustainable and, on the contrary, it is going to limit the potential of an innovating idea.
If you want to be successful with your undertaking, then you need to count on a tool that guides your actions, takes advantage of your resources and compensates your efforts. Briefly, you need marketing mix.
Concept of Marketing Mix
It is the set of strategies formulated and applied by the companies to take the opportunities the market. By that reason, each person and each company have an own mixture of marketing.
Those decisions of strategic nature must be the result of a deep analysis of the market and, generally, they are limited based on the resources and of the budget available.
Elements of Marketing Mix (4 Ps)
Generally, a strategy of marketing mix is formed by 4 elements represented as the 4 Ps of marketing:
It can be tangible or intangible and it presents a series of attributes that, allow to satisfy a necessity or desire in the market. Some examples would be: a cellular one, an automobile, a trip in airplane, a cut of hair or a pizza.
It is the amount of money that pays the consumers to acquire some or or service.
Generally, that monetary value includes the costs, the expenses and the margin of gain of the company. Otherwise, it would imply a loss and it could in risk the sustainability of the business.
Place or distribution
It is the circuit through what the products are commercialized. It can be direct or indirect.
In the first case, the product goes of the manufacturer to the consumer whereas, in the second case, it appears the figure of the intermediaries: wholesalers, retailers and agents.
It is integrated by all the actions of communication that, are realised to present a product or service in the market. Some of them are: the public relations, the sale direct and the publicity or, traditional or digital.
Benefits of Marketing Mix
It allows to offer adapted products and services to the needs and desires of the consumers.
It contributes to the decision making as far as the optimization of costs and expenses associated to the production or benefit of services.
It improves the level of competitiveness of the companies because they consider a great number of variables that influence in their performance.
It allows to a strategic vision of business when analyzing internal and external factors to the organizations.
It improves the quality of products (and of the services) because they exist standard and other indispensable control mechanisms in a so dynamic and competitive atmosphere as the present one.
It makes possible the allocation of correct prices in the market to compensate the realised efforts and to let grow the brand in monetary and geographic terms.
It favors the taking decisions related to the distribution channels. Of that way, it is possible to establish strategic alliances with people and organizations key for the success in the market.
It concentrates the efforts and the actions of promotion of the brand since, allows to establish the advertising activities, the public relations and the qualification of the force of sales, for example.
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