Marketing mix is sometimes taken as a synonym for the abbreviations 4P, 5P, 7P, 8P or 4C. This is an extremely well-known and for most people an empty academic term. In practice, it is often brought up by people who have only read the first chapter of marketing and are somehow trying to grasp this term. In the article, I will try to present the marketing mix to you from a slightly different angle and show you the questions you should know the answers to.
Marketing mix
The marketing mix most often refers to the four key gambling data mexico elements of a marketing strategy : product, price, place and promotion. If a company or marketing agency pays attention to these four components of the marketing mix, it can maximize its chances that the product or service will be successful with customers. Simply put, a company that conceptualizes its efforts into a marketing mix has a chance to make money and save time. The 4Ps are on the border between marketing and the functioning of the business itself. Before you start, try to answer these five questions that I use at the beginning of cooperation for orientation.
What is it for?
Who is this for?
What’s different about it?
What are the advantages?
And why should anyone even care?
What will the marketing mix help with?
You will look at business from a different angle.
It will help create a marketing strategy.
Optimize resources and investments – find out what is useful and what is not.
Increasing efficiency.
New promotional insights.
It helps to reveal errors or stereotypes
4P of the marketing mix
The 4Ps classification for creating an effective marketing strategy was first introduced in 1960 by marketing professor and author E. Jerome McCarthy. It was published in a book called Basic Marketing: A Managerial Approach . Before that, another marketing professor had mentioned it in a 1948 article called The Management of Marketing Costs . Depending on the industry and the goals of the marketing plan, marketing strategists or managers may approach each of the four Ps differently. These are different tools of the marketing mix. McCarthy introduced this concept within the framework of a managerial approach that includes analysis, consumer behavior, market research, market segmentation, and action planning.
Product
The item or service being sold must satisfy a consumer need or why eco-friendly compostable platters are revolutionizing sustainable dining want. Or create a consumer need.
However, marketing people or consumer wishes often also influence other products and services.
Or what situations does the consumer find themselves in when purchasing the product?
What does it look like? How and where will customers encounter it?
What features, dimensions, colors, brand image, etc. should it have?
How is it different from your competitors’ products?
Price
The right price is not the lowest possible or the one that thailand data satisfies the company. The right price can be below the cost of the product at certain stages and sometimes with a 1500% margin.Also involved in setting a price is communication, which is the “why”.
What value does the product or service have for the buyer?