The marketing mix is a strategy focused on the internal aspect of a company and used to analyze some basic aspects of its activity.
This type of analysis is a classic in marketing studies in recent decades, since McCarthy proposed this model in 1960 and defined these four variables as the traditional ones for companies when studying their own operation and setting goals or objectives. . Their in-depth study and combination will be the key to the subsequent decisions of the company in the search for future business challenges.
Thanks to its simplicity, the marketing mix is considered an essential instrument for companies around the world when planning operations, marketing tactics and meeting their objectives.
Elements of the marketing mix
The marketing mix encompasses four variables or elements: product, price, distribution and promotion. This strategy is also known as “commercial mix” or the “4P's”, due to its Anglo-Saxon origin (price, product, place, promotion).
- Price (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 (Product): This explains the need to satisfy 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 after-sales service, warranty or technical service.
- Distribution (Place): It encompasses the phases and channels that the product goes through until it reaches the consumer; that is, from its production to its storage and transport.
- Promotion (Promotion): The activity that the company will develop so that its product reaches the maximum number of customers in the broad public, or the segment it is aimed at, and increase its income. This is where what we all understand by advertising or commercial dissemination would be located.
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