As consumers change so does the product and the market, marketing proposes improvement strategies for service, communication, customer experience, brand and product. Although some marketing techniques already have a long time of being proposed and used, these techniques are not discarded and in the same way they provide a valid vision at present. Part of innovating in a technique or strategy is the background.
Where does the Marketing Mix come from?
Neil Borden developed in 1950 a proposal of the 12 elements that formed the responsibility of a Marketing Director. In 1960 Jerome McCarthy simplified the proposal of Neil Borden in a term known as “four P’s“. The four P’s would be made up of the product, the price, the promotion and the place.
- Product. The product that we are managing within the marketing exercise in question. Normally the product involves only the need that it covers, we must be sure that this product is competitive and that it satisfies the needs of a consumer in a differentiated way, turning it into a unique item that manages to consolidate a loyalty with the buyer.
- Price. The price is part of what marketing studies, remember that marketing is a uniform set of strategies, techniques and studies, it being clear that we can mention that the price is part of the aforementioned, it must be strategic when positioning it in Certain sectors of consumption where there is more competition or definitely not, must be technical, for practical purposes must be a consistent price between what is offered and what is demanded, it must be studied in order to always offer a price at the forefront and never have losses monetary, or more importantly, loyalty in our consumers.
- Promotion. Are those events or moments of the sale in which we can play with the price, perhaps offer the product with an item included or decrease the price of the product when the stock is too much. Usually we refer to Promotion, when we give relevance to the item for sale, at the moment in which a product is highlighting more than the others that is Promotion, when seeing advertising with respect to the product or differentiated service, that is Promotion, giving it a visual value and generate a need through subliminal messages or convince the consumer that our product is what you are looking for, is the best and meets expectations. The objective of the promotion is to publicize the product, that is the main mission of the company at this point.
- Place. The place where the product moves, are the channels through which a product must pass, from its creation to its assembly, packaging, packaging, transport and finally the hands of the consumer. It also covers storage, the relationship with all intermediaries, the points of sale, the importance of each of the above, etc.
The objective of the Marketing Mix is to know the current situation of the company with respect to its product, that way we can generate strategies and in some way apply new techniques and support from the previous ones.