Strategic Marketing Mix: Applying the 4Ps for Business Growth
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Marketing Mix Fundamentals
The Marketing Mix integrates and combines the decisions a company should take regarding the attributes of its products, setting prices for each, selecting the chosen distribution channel to reach the end customer, and finally, the communication or promotion efforts conducted to be known and appreciated by the market. To define your marketing plan, the company has four key instruments to consider, known as the 4Ps of the marketing mix: product, price, place, and promotion. By effectively combining these elements, businesses can create diverse commercial strategies.
The Four Ps of Marketing
Product Strategy
Decide the features the product must have to attract demand from potential customers, including design, quality, and manufacturing. This also involves decisions on how and when to modify existing products or introduce new ones.
Pricing Decisions
To establish prices, companies study product costs, consumer sensitivity to price changes, and the pricing policies of competitors.
Distribution Channels (Place)
Decisions and activities companies undertake to bring their products to consumer centers, ensuring they are available at the place and time consumers need them. This involves deciding whether distribution is direct or through intermediaries, such as large supermarkets or specialty stores.
Promotion and Communication
Raise awareness of the product and motivate consumers through adequate communication about product characteristics and advantages over competitors' products. Examples include advertising campaigns.
Understanding the Product Element
Product Definition & Dimensions
A Product is any good or service offered in the market to satisfy a need. Its dimensions include:
- Basic Product: Tangible and observable attributes of the good or service (e.g., design, packaging).
- Expanded Product: The basic product plus a series of added values that accompany it (e.g., warranty, financing).
- Generic or Symbolic Product: The symbolic or psychological satisfaction the consumer expects to gain, along with tangible attributes. This depends on factors like brand prestige or new technology.