The Marketing Mix is ​​not just about “promotion” . It all starts much earlier: from defining your brand identity, the features, pricing and competitive advantages of products and services, to a complete picture of your buyers, business objectives and mapping all possible channels and available activity.

 

Today, marketing is constantly evolving with technology developing at lightning speed, marketing budgets becoming increasingly streamlined and reduced to a minimum, and the evolution of digital and hybrid covering an ever-increasing share of promotional solutions.

 

Added to this is the rapidly changing purchasing behavior of consumers , which can render a traditional Marketing Mix strategy – which might have worked even just 10 years ago – obsolete.

 

What is the Marketing Mix?

Marketing is the set of actions that a company takes to  specific database by industry create and market its product or service . The objective is to offer customers the right product, at the right time, in the optimal place/channel and at the right price. Companies use a combination of media and actions to generate the response they want from their audience.

 

The Marketing Mix is ​​the true strategic basis of the entire business plan of companies. Its development serves to:

 

Understand what the product or service can offer customers compared to the competition.
Define the product/service itself.
Plan, develop and execute effective marketing strategies .
Exploiting your own strengths and avoiding unnecessary costs.
Identify and understand customer characteristics.
Knowing when, where and how to promote the product/service to the target.
The constituent elements of the Marketing Mix, from “P” to “C”
Marketing theorists have been trying for decades to establish the essential components of marketing . Initially, as we mentioned, there were the famous “4 Ps”:

The product is a good or service that is offered as a solution to meet the needs of your potential customer . When developing your product, you need to consider its life cycle and plan for the different challenges that may arise during the various phases. Once the product reaches the final stage (a phase of declining sales), it is time to reinvent the item to win back customer demand .

The second element of the Marketing Mix is ​​the price that the customer is willing to pay for the product. This helps determine the profits that the company will be able to generate. When setting the price of a product, it is necessary to consider how much was spent to produce it , the price ranges of competitors, and the perceived value by the market.

 

Place (Lugar)

This is the distribution centre for the product and detecting public actions and satisfaction  the channels used to distribute it to the customer. Wherever it is, it must be easily accessible, whether it is physical stores or digital channels. The logic, however, is identical: if you own a physical store, it must be in a place that is easily identifiable by the customer. On the other hand, if you have an e-commerce site, you must ensure that it is well positioned in search engines and therefore visible and recognizable online.

 

Promotion
Promotion refers to the methods a company uses to draw  fax lead customers’ attention to its product. These include promotions, customer service, public relations, traditional advertising, and/or online advertising.

 

When creating a promotional strategy, one must also consider the tactics used by competitors , as well as the most effective channels to reach customers and whether these correspond and are consistent with the perceived value of the product.

 

People
At the core are the people, both customers and employees of an organization , who are directly related to the product or service. On the one hand, we need to study the target market to understand that we are offering the right product/service to the right target. On the other hand, we need to hire the right people, who are able to give their best to build the entire process.

 

Process
Systems and processes are the second additional “P” because they play an important role in creating and delivering quality customer service . We must ensure that the process is free of bottlenecks and blockages, in order to reduce unnecessary expenses associated with the execution of the service.