The marketing mix refers to the analysis and marketing actions carried out by a company to market its products or services. Generally, it serves as a framework to define the four key components of marketing for each company: product policy (product), price policy (price), distribution policy (place) and communication policy ( promotion).
The marketing mix therefore helps companies organize their marketing initiatives in order to achieve more impactful, process-oriented marketing campaigns and achieve better results.
The term marketing mix was created in the 1940s and has evolved since then, but the fundamental elements of the marketing mix, that is to say the four Ps (product / price / place / promotion) are still relevant today.
The 4 Ps of the marketing mix
When tweaked and synchronized, the 4 essential elements of a marketing mix offer a complete approach and a formidable tool for your business marketing strategy.
1- Product policy
Product refers to what your business sells, be it products, services, or both.
Understanding the product element of the marketing mix means your product defining teams need to do in-depth research and development, understand the needs of your target audience, develop a product launch plan and schedule, and educate Japan WhatsApp Number List customers. and your staff – especially salespeople – on the purpose and purpose of the product.
The pricing policy
Price policy refers to the price at which you decide to sell your products or services to consumers. Successfully setting an amount requires considering multiple pricing strategies, analyzing similarly priced products in your market, and information from consumers gathered through surveys and focus groups.
The pricing policy for which you are going to choose is crucial for the positioning of your brand in the market, for your brand image, as well as for the turnover and profit margin objectives set by the management of your company.
The distribution policy
In the marketing mix, the term “place” refers to where your product or service will be sold and distributed. For products, this includes physical outlets such as your own store or retailers who will resell your product.
Distribution today offers other distribution methods and channels through which your products can be purchased, such as online or via a mobile phone.
4- Communication policy
The term “promotion” in English includes all marketing and communication activities that aim to make your target audience aware of and excited about what you are selling.
This of course includes paid actions like advertising in all its forms, and also involves organic initiatives like word of mouth marketing, content marketing, and public relations.
New elements added to the 4P
The expansion of marketing reach that has been seen in recent years has convinced many companies to add additional ‘Ps’ to the list, and today one can find marketing mixes in ’10 Ps’, with the addition of of the following 6 P’s to the initial 4:
Process: this concerns major internal initiatives taken to support and control all processes from product launch to after-sales service, and may concern, for example, the inclusion of salespeople in the definition of objectives.
People: This term can refer to your buyer, your target audience, or your internal team in charge of launching a product.
Partnership (the partners or partnerships): that is, the people with whom you will work outside your company, such as distributors or marketing partners.
Physical evidence: any tangible element about your product or service, such as the equipment or materials needed to make or deliver your product.
Packaging: anything that relates to the outward appearance of your product, such as its appearance or packaging.
Payment: how transactions and payments are processed.
How to develop a successful marketing mix strategy
As the marketing mix incorporates elements from across your business, it is imperative to establish a marketing mix strategy for each product you launch.
Here are our tips for creating a top-notch marketing mix strategy:
1- Engage in market research and product development.
The success of your marketing action depends above all on your product. Make sure he’s well developed and that your team can confidently boast about his qualities.
The best way to achieve your goals in this area is to take the following steps:
Do market research to understand the needs of your customers.
Communicate with your current customers to discover their issues (pain points) and see which needs must be addressed as a priority in your current product or service offering.
Monitor trends in your industry to identify potential demand in your market
Examine the way your competition is acting.
Collaborate with your product team during product development to ensure it meets the needs of your buyers.
Have your product tested by current customers to see if it actually solves their problems.