Every business model, to be successful, needs to have effective planning that takes into account different aspects related to the product, the target audience, its distribution, the channels for advertising and relationships with the public, the pricing policy, strategies for promoting the brand, among others.
And it is in this sense that the concept of marketing mix becomes necessary. For a long time, the idea of “marketing” was almost exclusively linked to the product itself and its promotion .
[MANUAL]
How to set up a home studio to record video classes?
In this e-book we teach you step by step how to record your classes at home, but with the quality of a professional studio .
I WANT THE MANUAL
Today, other elements are put on the table and seen as indispensable for any marketing strategy, forming what we know as the marketing mix.
In this article, you will understand what the 4 Ps marketing mix is, what the elements of the marketing mix are and why it is important:
Product;
Price;
Square;
Promotion.
In addition, we will also show an example of a marketing mix applied in practice.
What is a company's marketing mix?
Contrary to what many people tend to think, marketing is an area of business that goes beyond promoting the brand and the products it offers.
In fact, marketing also involves other areas of a company, such as production, financial management, logistics and customer service , for example. In other words, marketing is a true mix of other elements that interact with each other.
The marketing mix is a concept that first emerged in the 1950s by Harvard University professor Neil Borden.
Back in the 1960s, professor and marketing expert Jerome McCarthy incorporated the idea of the 4 Ps into the concept of the marketing mix – we will talk about them later.
Years later, Philip Kotler was responsible for improving all previous studies on the subject and globally disseminating the concept of the 4 Ps of the marketing mix that we know today and which is used by companies in different segments.
According to Philip Kotler , the marketing mix is the union of four controllable elements that represent a holistic view of the company's marketing sector .
The objective of the marketing mix is to awaken the target audience's desire for the solutions offered and ensure that they reach the buyer, globalizing the marketing team's actions.
The variables that make up the marketing mix are defined internally during planning, aiming to meet marketing objectives and obtain the desired responses from customers.
A video always helps to understand things more quickly, check out this one, from the Viver de Blog channel, it has important information:
See also: See how to learn digital marketing with 5 exclusive tips!
What elements make up the marketing mix?
The marketing mix is a combination of elements considered relevant to business performance and that go beyond product promotion.
These are interdependent variables, which influence each other and depend on the success of one for the other to also be successful.
Therefore, these elements of the marketing mix must be planned together, remaining aligned in order to generate a uniform perception of the brand.
But, after all, what are the elements of the marketing mix?
They are: product, price, place and promotion. Together, they form what we know as the 4 Ps of the marketing mix.
They are considered the pillars of an efficient marketing plan , as they help define the brand's positioning in the market and the way it will reach its target audience and bring its solutions to them.
Marketing mix is one of the best-known and most widely used concepts in this area of activity in companies, but there are many others that you need to know. Check out this video:
See more: What is 360º marketing? Understand how this strategy works!
How to define the 4 Ps of the marketing mix?
Defining the 4 Ps of the marketing mix is essential for building an effective plan that brings the good results you expect for your business.
Therefore, see below how to define the 4 Ps:
1 – Product
The product is the first P of the marketing mix. It dubai business fax list deals precisely with what your company sells, such as an online course, for example.
To define this first P, you must focus on the value that your solution has to add to customers. From this, you will be able to outline strategies that make your audience perceive value in your product and end up buying it.
When defining the product, you should consider:
The demands it meets;
Its benefits and main features;
The tangible and intangible value;
How it should be used and for what purpose;
What difference does it make?
2 – Price
Price is also one of the pillars of the marketing mix and directly influences the performance of your business model from a financial point of view and the sustainability of the business.
To define this P, you need to consider the way the public sees your brand, the perceived value, the average prices charged in your market and the profit expectation you hope to obtain.
Very high prices may even increase your profit margin, but at the same time they can drive away potential customers who do not see enough differentiation in your product to justify paying more for it instead of buying a similar product from your competitor.
On the other hand, very low prices can give the impression that your product is of inferior quality and make customers suspicious. In addition, you end up reducing your profit margin, which can compromise the viability of your business.
To define the price without errors , consider:
Production costs;
How much your audience is willing to spend;
Prices charged by competitors;
Seasonality;
Desired profit margin.
3 – Square
Place refers to the distribution and sales channels. This P of the marketing mix deals with the ways in which your products reach your target audience.
To define the location, it is necessary to know which regions will be served, which and how many points of sale there will be, how the product delivery logistics will work, the stock of goods, etc.
4 – Promotion
This is the P of the marketing mix that people are most familiar with, as it deals with the promotion of the brand itself and the products that the company offers.
Promotion is the element that refers to actions focused on defining the brand's positioning, shaping public perception and making more people aware of the company.
To define this fourth P, consider:
The media that your audience consumes most;
The most appropriate time to get your message to the desired audience;
The content formats that most appeal to your target audience;
Use language that is compatible with that of your potential customers.
Why is the marketing mix so important?
The marketing mix aims to generate interest among potential customers in your products and maintain a long-term relationship with your brand.
With this in mind, paying attention to the marketing mix is very important to identify opportunities, manage risks and threats, use the business's strengths to your advantage and offer customers the best possible experience at all points of contact with the company.
The importance of the marketing mix is also present in the possibility of better segmenting the target audience and better directing marketing and relationship strategies.
The pricing policy is defined in a more realistic way, capable of generating good profits for the business and still keeping the company competitive in the market.
The marketing mix also helps to shed light on the differences in your products, allowing you to use them as ammunition to stand out and promote your brand.
Furthermore, entrepreneurs who use the marketing mix are able to have a holistic view of their business model, which favors the optimization of efforts and available resources, reduced costs and increased conversions.
The marketing mix is also important to consolidate the brand's positioning and define integrated strategies, without losing sight of the fact that product, price, promotion and place are interdependent elements.
Learn more: Discover the marketing strategies that will boost your sales with these 5 books
Marketing mix: application example
The marketing mix is a methodology that can be useful in different ways. By identifying, for example, that there are cheaper and equally (or even more) effective ways to distribute products, the company can outline a strategy that allows it to reach new markets, expanding its operations.
All 4 Ps of the marketing mix are connected. And to help you better understand how it works in practice, we have provided an example of a company that makes good use of the marketing mix: Apple.
Apple's Marketing Mix
Apple is always cited as a success story when it comes to brand building and marketing in general.
Apple is a case study in branding. It is no coincidence that it has become a love brand, adored by an unconditional fandom.
1 – Product
In the 4 Ps of Apple's marketing mix, the iPhone is the company's flagship product and usually receives the most attention from marketing efforts and investments. New iPhone models are launched periodically with updates that pique the interest of the brand's target audience.
2 – Price
By positioning itself as a “premium” brand, Apple targets an audience with greater purchasing power. This allows it to charge a higher price for its products.
3 – Square
In terms of location, Apple is a company present practically all over the world, with physical stores spread across different countries. In addition, there is also an online store.
4 – Promotion
Finally, in terms of promotion, Apple tends to prefer a more minimalist and “clean” aesthetic in its advertising material. In addition, its strategy for launching and promoting its products seeks to generate public anticipation, announcing its new products gradually until the date of a larger event dedicated to the launch.
