The marketing mix is also known as the marketing mix.
Marketing mix is a concept that is used to name the set of tools and variables that the marketing manager of an organization has to meet the entity's objectives. The notion is equivalent to marketing mix .
It should be noted that marketing , merchandising or marketing is a discipline dedicated to the analysis of the behavior of markets and consumers . Through the study of commercial management, we seek to retain and build customer loyalty by satisfying their needs.
The marketing mix and the Four Ps
This means that the marketing mix is made up of all the marketing strategies that aim to work with the four elements known as the Four Ps : Product , Price , Place and Promotion ( Advertising ).
Specifically, when focusing on this set of 4Ps, the corresponding manager will take into account the following factors in order to achieve the expected results:
- Regarding the price of the item in question, those of similar companies that are on the market must be taken into account. In this way, it will be possible to find one that is competitive and that becomes an important attraction to "catch" the consumer.
- Product distribution is also essential within the chain of actions to achieve the expected results. In this sense, it should be noted that aspects such as its storage, points of sale locations or the existing relationship with intermediaries will be taken into consideration.
- In the same way, within this marketing mix action, very careful attention will also be paid to a series of aspects that are directly related to the product in question, such as the warranty it has or customer service.
- The fourth pillar of any marketing mix campaign is the one that revolves around promotion. This phase is essential in terms of making the product known, identifiable in the market and capable of generating great demand from the final consumer. To achieve all this, within this area it is clear that actions must be carried out in terms of advertising, public relations and even merchandising.
The marketing mix is based on the management of the so-called Four Ps.
Principles, techniques and methodologies
The marketing mix appeals to various principles, techniques and methodologies to increase customer satisfaction through the management of the Four Ps . To be successful, the marketing mix must maintain coherence between its elements (there is no point in positioning a product in the luxury sector and then trying to compete with a low price).
When working with the marketing mix, the expert must take into account whether the objectives set are short or long term, since certain variables are difficult to modify in the near future.
Products , for example, have a life cycle that begins with launch, continues with growth, reaches maturity, and finally enters decline. The marketing mix must take into account what phase of the life cycle the product is in to design strategies.