The marketing mix is essential for a company's market share. It covers everything from the very conception of the product to customer loyalty. It is the basis of marketing and is now adapted to the digital world.
It is not enough to manufacture a product and try to sell it . In today's vietnam telegram competitive world, the marketing mix raises questions about the market and the consumer in order for companies to be successful. These include:
What needs exist in the market that I can satisfy?
What is the cost of servicing her and what return will this satisfaction give me?
Which distribution channels are most convenient?
How and through what means do I communicate it?
The marketing mix guides a company's actions to meet the needs of its target audience and generate business.
If you want to know more about the marketing mix in the digital environment, we invite you to continue reading this article. We explain in detail what the marketing mix is and how to take advantage of it for your business.
What is the Marketing Mix: Definition
The marketing mix is the strategy to put the right product in the right place, at the right time and at the right price .
Traditionally, it consists of the production, sale, placement and promotion of an offer. These are the famous 4Ps:
Product
Price
Square
Promotion
The evolution of markets has incorporated new factors and dimensions into the basic marketing mix that are now considered fundamental: packaging, positioning, social considerations and reciprocity in communication with the public, for example.
Nowadays, the marketing mix requires a deep knowledge of all aspects of your business plan, as it includes, in addition to the classic 4 Ps, the 7 Ps of services marketing and the 4 Cs developed in the nineties.
The importance of the Marketing Mix: What is it for?
The development of actions to carry out the marketing mix strategy is what makes it possible for a company to participate in the market for goods and services.
The expanded dimensions of the marketing mix reflect the need to adapt to changing consumer and, therefore, market demands. After all, selling the right product at the right price is only one part of good business.
In fact, the most successful companies are increasingly expanding their concept, including elements such as the shopping experience and after-sales service in their strategies. All in the interest of generating not only consumers, but also loyal customers and ambassadors for their brands.
Elements and Strategies of the Marketing Mix
We explain in detail the main elements of the marketing mix and its strategic vision.
1. Product
A product is an item that is built to satisfy the needs of a certain group of people. It can be intangible or tangible, as it can be in the form of a good or a service.
However, you must ensure that you offer something that is in demand in the market. To do this, during the product development phase, you must thoroughly research aspects such as the demand life cycle.
Product Marketing Mix Strategies
These strategies seek to develop and position the product effectively in the market, satisfying the needs and desires of customers.
On the other hand, the company and the marketing team must work to reinvent their products in such a way as to stimulate demand when the sales decline phase is reached.
You also need to create the right mix. It may be wise to expand your current mix by diversifying or increasing the depth of your product line.