What is the Marketing Mix? Do you know it helps to market your brand strategy successfully? Yes, it is an analysis for four basic variables of business activity: Product, Price, Place and Promotion. The Marketing Mix technique tries to put the appropriate product, to which a fair price is assigned, in the correct place and at the right time. Take it into account, because when you are launching your business strategy to achieve success with the product or service you offer to those who are your customers. If there is something that characterizes the Marketing Mix, it is the “4th PS” which constitutes the basis of what your company deals with. Do you want to apply the Marketing Mix to your business strategy? To get it, we will explain to you in detail what each of the “Ps” are:
1. – Product
It is an article that serves to meet the needs of a group of people. This can be in the form of goods or services and can be tangible or intangible. You must make sure is to have the right kind of product that is in demand in your market.
To do this, during the product development phase you will have to carry out an investigation on the life cycle of the product you are creating. In addition, you should know that a product always has a life cycle, for that reason you should reinvent it from time to time to stimulate its demand once it has reached the phase of declining sales.
2. – Price
When we talk about the price, we mean the amount of money that a customer is willing to pay to enjoy a product. Price is one of the most important elements to establish in any business strategy because it determines the profit of the company and its survival.
What we are clear about is that price always helps shape the perception of your product in the eyes of consumers. A low price means a lower quality. On the other hand, prices that are too high will make costs outweigh the benefits in the eyes of customers and that will make them value their money on the product that you offer.
3. – Place
On the other hand, distribution is also an important part in the definition of the product mix. What you have to do is to place and distribute your service or product in a place that is as accessible as possible to potential buyers. Knowing who and how your target is it, you will know what the best place to place your product. The main distribution strategies that we can highlight are intensive, exclusive and selective.
4. – Promotion
Finally, the fourth “P” is essential in any Marketing Mix strategy, it is about promotion, a fundamental component which will boost brand recognition and sales. Some of the elements that make up the promotion are: Public Relations, Sales Promotion, Advertising and Sales Organization. No doubt that promoting of your service or product will depend on your budget, the message you want to send and the target that you want to reach.
Daniel Lozano Torres and Melani Arnez Arbieto