Marketing Mix part.2

 Marketing Mix.

Is the combination of the minimum variables necessary to be able to develop efficient and effective strategies for the selected market. It is composed of 4 aspects.

Refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix: Price, Product, Promotion and Place. 

Product: 

Refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.

It is related to the guarantees and the expectation that the client has.

It involves the goods or services that aims to meet the needs of our client.

Place: 

Refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.

It considers the distribution channels that the organization requires to deliver the products.

It involves the design and structure of the establishment and the place where the product is acquired.

Price: 

Refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

Three ways to set the price:

Costing, pricing and consumer perceptions.

Promotion: 

This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.

The main communication channels are: Advertising, sales promotions, public relations, personal sales and BTL.