Marketing Mix



Marketing Mix is a complementary tool from strategic Marketing, which integrates a set of tactical components, from the offer point of view, to influence the demand for an organization'sproducts in the short term.

                                             

The original 4 P's of the Marketing Modelwere created in the 1960s by Jerome McCarthyand includes:

 

Product: implies any tangible or intangible product that an individual or a company commercializesto satisfy the needs and / or desires of its consumers. Every product integrates at least three levels a) essential: referring to its specific function and / or basic benefit; b) expanded: related to its packaging, label, quality, brand, etc.; c) experience: everything that has to do with its characteristics, brand, design, variety, quality, packaging, benefits, after-sales services, etc.

 

Price:refers to the sum of money to be paid by customers to obtain a certain product in exchange for the benefits they`llacquire with it. It is established based on internal factors parameters: direct and indirect costs of manufacturing, logistics, marketing, gross estimated margins, margins on sales, expected profit, etc., and external factors: competitive prices and offers, price perception, etc. 

 

Placement: (distribution) all necessary components that make the product available for all its potential customers: geographical location, territorial coverage, massive and retail sales channels, dynamic inventory, assortment of points of sale, sale, transportation, logistics, etc.

 

Promotion: the expansion of spreading information of the products that an organization commercializes through its sales force, direct marketing, advertising, etc., to influence the buying behaviors of potential customers. Communication presents here in a very restricted role and understood only within the functions of persuasion to the target public.

 

With a clear focus on the consumer thanks to Social Mediaand the new technological context,based on the original model of the 4 P's, Robert F. Lauterbornproposed, in 1990,the 4 C's Model:

 

Consumer: the availability of information in real time allows the offer of "tailored" products and services for each consumer. Incorporating active listening and immediate response facilitated by Social Media is crucial.

 

Cost: it is about going beyond the price to take into account that customers are looking for more than a good price and they also evaluate the time, effort and attention they will invest to purchase a certain product.

 

Convenience: it is linked to keep in mind that it is not about reaching with the product everywhere but where the customer wants to receive it, so, it is important to design an appropriate environment to satisfy those needs sinceit`s a key fact to the process of contemporary purchase decision making.

 

Communication: the relationship, connection, empathy, community development, provision of quality content, etc., have made communication relevant as the key factor for the development of symbolic actions that come together in the production of a unique experience associated with a brand, product, service, policy, processes, etc., of an organization.

 

In this second model, Communication is no longer seen as complementary element and restricted only to the promotional aspectof the previous model, but it has become one of the central components of every Marketing process. It is no longer about satisfying or creating a need, consumers buy what they want, if what they want matches their needs, even the most basic, it is accessory.

  


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