What is Marketing Mix? Definition of Marketing Mix, Marketing Mix Meaning and Concept
The marketing mix, known throughout the world as the marketing mix, refers to those marketing tools that a company has to meet the objectives it pursues.
The marketing mix, therefore, is the set of variables, the set of tools, with which a company, or a marketing manager, has to achieve the objectives that were previously set. The marketing mix refers to that set of variables that make up the company 's marketing strategy. For this reason, it is closely linked to the marketing plan.
The marketing mix is very common in the business world and, especially, in marketing.
As we said, it is the same as marketing mix.
Elements that make up the marketing mix
Among the elements that make up the marketing mix, it is worth highlighting the four main elements. Elements that, in the world of marketing, are called the Four P.
- Price : It is the variable that helps to understand and position the level of competitiveness of the company. Cost leadership or differentiation strategies justify the chosen price.
- Product : This explains the need that is to be satisfied in the consumer and the related services that may be necessary for the enjoyment of the product, which improve and add value to the product, such as, for example, after-sales service, warranty or the technical service.
- Promotion : The activity that the company will develop so that its product reaches the maximum number of customers of the broad public, or of the segment to which it is directed, and increase its income. This is where what we all understand by advertising or commercial dissemination would be located.
- Place or location : Includes the phases and channels that the product goes through until it reaches the consumer; that is, from its production to its storage and transport.
Other elements of the marketing mix
However, in addition to the Four Ps, there are other elements that should be highlighted:
- Productivity : The relationship between results and the time taken to achieve them. The less time spent, the greater the return obtained.
- Processes : All procedures, since a good or service is generated or created, until it is delivered to the customer. The higher the degree of customer satisfaction, the greater the success of the company.
- Staff : The staff is a key element in the company. Therefore, we must have the right staff for the task they perform.
- Presentation : The presentation is key, since we are talking about the first impression that the client will have of our product or service. Therefore, we must work on it.
- Positioning : Positioning is the strategy pursued by companies to gain a foothold in the market. Through positioning, we will be able to know how our company is in the market, as well as who our clients and our competitors are.
In addition, other experts add three more to these elements:
Although the latter do not have the consensus of the experts.