Marketing Mix: What it is, Elements, Factors and MORE

10 minutos de lectura

Know about the Marketing Mix It is totally fundamental, both for a company and for the person who is going to carry out a market analysis and the actors who participate in it. This last practice is important to achieve the objectives and goals that are proposed in a certain business.

Such is its importance that today we will be telling you everything about it. We will explain what exactly the marketing and marketing mix consists of, what are the elements of this strategy and the factors involved. Likewise, we will indicate how the client intervenes, cost, convenience and communication. If you are interested, keep reading!

What is Marketing?

The Marketing it is both an art and a science. In general, it is in charge of the market study, in which elements of the demand can be identified, such as preferences and tastes, and unmet needs. In this way, strategies can be specified and tools used to offer goods and services that meet the requirements of the public.

Through marketing strategies, practices and techniques the product or service can be revalued, positioning itself in a certain market segment, directly to a predetermined target audience. This would be the consumer. Basically, it is a question of studying the demand in order to make the best offer.

The marketing it has been around from the time markets began to be established, perhaps even earlier. People began to identify that there was a group of people who required certain products and services, and they decided to offer them to them.

By the time a salesperson began to have competition, that’s when they began to devise different ways to attract consumers. They were no longer the only ones selling in the market, so ways emerged to make the product or service offered more attractive, to add value to it.

For instance, a seller of red apples sees that he is no longer the only one offering red apples. So you decide to sell green apples, do promotions, offer salads, apple juices, make packages for apples, look for the best ones… The seller no longer only sells apples, he now offers options.

He should have studied or realized for himself that people would be attracted to (demand) these new alternatives. You could position your product (apples) in the market based on the requirements of your target audience (apple eaters). For what purpose? With the one to sell!

This is a very simple way of looking at marketing, but one that works. However, complexity should not be subtracted. Again, it is an art and a science. People study to be able to apply these strategies properly and obtain the results they want. Especially in markets as competitive as today.

What is the Marketing Mix?

The Marketing Mix wave Marketing mix It corresponds to a study that the company or the bidder must carry out in order to know internal aspects of considerable quality. In this sense, its activity is analyzed, through a series of elements such as the well-known four P’s:

  • Price (Price).
  • Product (Product).
  • Promotion (Promotion).
  • Distribution or place (Place).

It is done more than anything by companies. With this, what is sought is to know where it is exactly and thus be able to select a technique or practice that allows it to take place in the market.

It is a very special instrument. The aim is to arrive at a fair price, deliver the right product, offer it in the right place and at the right time. In fact, nowadays they have even managed to add other elements, such as:

  • Persons (People).
  • Policies (Politics).
  • Package (Packaging).
  • Positioning (Positioning).

It is a strategy thatThat should be kept very much in mind. Although it is mostly used by companies, it can also be used by SMEs, entrepreneurship, virtual stores and anyone else who sells products and / or services.

Elements of the Marketing Mix: The 4 P’s

Now let’s talk about Elements of the Marketing Mix. We mentioned these in the previous section, but now we will proceed to explain not only what they are, but what each one is about. So you can keep in mind what their importance is and why those are their names exactly.

Price (Price)

Price is a key element. This cannot be very high or very low, but must be determined by a series of factors. These are the demand for similar products in the market and the added value that is being given. That is, the reason why the consumer should choose this and not another that can replace it.

In general terms, when we talk about the price we are referring to the competitiveness presented by the company. This can cut costs, always maintaining quality, and differentiate itself from other products. If the company can do this and achieve a lower price than the competition, then it is an advantage.

If the company is only rated for its differentiation, it is also a benefit. It should also be taken into account that time it also plays an important role in determining the price. The time a company has been in the market and the customers it has managed to gather are a sign of confidence that attracts new consumers.

As a result, very high prices and few customers, without the endorsement of trusted brands, could be an obstacle. You can see the reverse, where well-known brands may have higher prices due to the trust and quality behind it. That is why it is recommended take into account the prices of competitors.

Product (Product)

The product is what is going to be offered. This is intended to satisfy a requirement or need in common that a group of people has. It doesn’t have to be just a good, it can also be a service. In this sense, it can be a tangible or intangible good.

We repeat it again: the product must be sued. Many times you want to bring a new product to the market, thinking that there is a demand, when it is not. That is why it is very important to carry out a market study and analyze if there is a market section that would buy a product like that.

This product will have an advantage if it can differentiate itself from its competition. In fact, the main objective of the company should be achieve this differentiation, especially when they do not talk about products such as basic consumption.

Additionally, it must be constantly changing. That is, you must keep the audience satisfied and you must always be looking for new customers. This is achieved by innovating. Variations of the same product, different presentations, new promotional campaigns, etc. can be offered.

The product must be perfect. You have to analyze whether it should have attractive colors, a catchy name, a certain value for money, be easy to transport, follow a trend or be timeless. You have to analyze all the factors when you are going to launch a product, so that it is attractive in all its senses.

Distribution (Place)

Just as the price and the product are two key elements, so is the place. The place is important, since the needs, tastes and preferences vary from one to another. The company must analyze if it is convenient to be in a single region, if only a virtual presence is necessary or if being in several places is the key.

Thus, it is necessary place and distribute rightly. Buyers must be able to access the product. This is becoming easier given the services of delivery and national and international shipping companies.

However, there are services that can only be provided in person, so it must be decided whether to create a franchise, a single establishment. The important is have a channel for which it will be done get the product, at a certain price. The distribution can be exclusive, intensive, selective or in franchise.

This element also includes factors such as available payment mechanisms, transport intermediaries, storage or inventory, and so on.

Promotion (Promotion)

When you already have the price, the product and the place where it will be placed, it is important to make it known. That’s what promotion is for. By this he refers to sales strategies: advertising, promotion, public relations.

The advertising and promotion they can be done using different tools. The most used today are social networks. However, advertisements are also used on the radio, advertisements on the internet and on the radio, and so on.

The press releases, seminars, conferences, events and exhibitions they correspond to the relationships that are made to launch or maintain the brand. The exhibits are most common on grocery products and novelty products, to show how they work.

The most important form of advertising is word of mouth. We recommend that you offer a quality product and make the experience of buying and using the product unique.

Factors Involved in the Marketing Mix

By Marketing Mix Factors we refer to the union of all the elements. Thus, it is necessary that before launching a product the market and all the actors and factors that intervene in it be analyzed.

First, you have to see if there is demand for said product. Once confirmed that if there are, then you have to see what are the competitive prices. Your product must have an equal or lower one. If it is higher, you should see at first glance the why. To determine the price, a structure of costs and expenses must be balanced.

It should also be a product that adds value. This must be attractive, useful and must differentiate from the competition. The colors must be consistent with what is offered and the attractions must be seen at first glance. The person should have an immediate answer to the question of Why buy from this company?

Once with the product and the price, you must decide the distribution channels. If the product will be provided in one establishment, in several or only online. This is very important: applicants must be able to access it.

Finally, it must promote the product. Make it known and desired. Use sales strategies. One of the most used is to send samples to influencers, as a form of recommendation.

How do the Customer, Cost, Convenience and Communication Intervene in the Marketing Mix?

Finally, it is vital know about the 4 c’s. Exactly, How the Client, Cost, Convenience and Communication Intervene. This is very important in the sense that the focus of the company should be to satisfy the needs and preferences of the consumer.

Not only this, but you must thank, solve, listen to opinions and create opinions. Likewise, it is important to maintain communication with the customer, so that a sense of loyalty can be created, a very important aspect.

In addition, the consumer should find it convenient to buy from you and not from someone else. Shopping today is as easy as clicking and waiting to be delivered to your front door. So, you have to make your target audience want buy you. Make it easy, simple and accessible. Make buying from you an experience that they want to repeat.

Finally, the costs must be taken into account. The internal costs of the company must be efficient, that is, it must seek to maintain quality at the lowest cost. This will allow to offer a competitive and attractive price. If costs cannot be reduced, then price must be reflected in quality.

We hope we have helped you.

Until next time!

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