What is Marketing Mix?

Marketing Mix is a term that encompasses any tool or variable used by the marketing manager to analyze the market and consumers in order to achieve the planned objectives. In the digital world, it is based on applying the four Ps of marketing on the Internet: product, price, place and promotion.

The main issues of the marketing mix include customer needs, the cost of customer satisfaction and the return on customer satisfaction, distribution channels and media, among others.

why is the marketing mix important?

The marketing mix is essential for the deployment of a successful marketing campaign. It allows not only to redesign the brand and create innovative products to stimulate sales, but also to improve distribution, attract new audiences and strengthen the relationship with old customers or win them back, among other benefits for the company.

Marketing mix characteristics: the four P’s of marketing

It is not possible to understand the marketing mix without knowing the four P’s of marketing: product, price, place and promotion. These are four essential variables that are under the control of the marketing expert.

Product

The product and its benefits must be well defined, as well as other related elements: brand, models, product portfolio, life cycle, related services, product differentiation, elimination of old products and implementation of new ones, among others.

Price

When we talk about price in marketing, we are not only referring to its economic value, but also to how the public receives it, the time it takes to acquire said price, travel, etc. In other words, the price includes the following 3 factors related to the product: monetary value, time of purchase, effort and/or inconvenience to obtain it.

Place

Place comes from the English word place, although its correct meanings in Spanish are distribution or place. The objective of this P of marketing is to make the product available to consumers, stimulating them to buy. It is necessary to assess the target audience, distribution channels, merchandising operations, distribution logistics and other factors.

Promotion

It should be noted that promotion is not always under the complete control of the expert. Consideration must be given to the media available and which are the most cost-effective. Certain communication decisions such as advertising, direct marketing, sales promotion, etc. must also be taken into account.

The seven P’s of marketing

The four P’s of marketing are the classic ones, but over time others have emerged that should not be overlooked. These are known as the new P’s: people, process and evidence ( physical). So, to optimize a marketing mix campaign, it is necessary to start talking about the seven P’s of marketing.

Marketing mix example: the case of IKEA

IKEA deploys its marketing mix campaigns by integrating every communication strategy at its disposal. Every year in Spain, this company deploys its annual furniture and decoration catalog through both traditional and digital media, and invites people to follow its products with TV spots, videos on its YouTube channel, storytelling content, mobile apps, etc.

In addition, it takes advantage of the post-holiday months to launch new products and offers, taking advantage of the fact that during this period the Spanish public is used to renew furniture and home decoration. The effectiveness of such a strategy in Spain is the result of applying the four Ps of marketing to a particular audience.

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