Published on : 23 April 20204 min reading time
In a company, nothing works at random, everything is calculated. Every decision made by business leaders, in any field, determines the future of the company, whether it is a bad future or a good future. Marketing decisions are more than important, especially for trading companies. For the marketing of a specific product, some rather delicate characteristics have to be taken into account, and choices and decisions have to be made based on these characteristics. These characteristics are commonly referred to as the marketing mix by marketers, but what is the marketing mix really all about? What are the characteristics that make it up? And what should be considered about these characteristics?
The marketing mix
Marketing mix is a concept invented by an American professor in 1960. According to him, this concept is made up of four pillars known as “the 4 p’s”. These four marketing p’s determine the marketing strategy to be applied in a company. In order for corporate marketing to work well, it is essential that these four pillars are coherent and compatible. By the right choice of managers with regard to these pillars, the company will be able to face the competition, the market and the potential customers of their products. However, to do so, fairly complex and detailed steps have to be taken, including an in-depth study of the market, as well as a study of the target customers and their expectations. These steps require first of all time, but also quite extensive skills in corporate marketing. There are four steps to follow in order to take the route of the marketing mix: market research, then market segmentation, then the choice of a marketing positioning, and finally the definition of the 4 p’s of the marketing mix. For more information on the 4 p’s of marketing and their respective functions in companies, click here.
The 4 p’s themselves
As the inventor of the marketing mix is American, it is actually 4 p in English. They are: the “product” or the product, the “price” or the price of the product, the “promotion” which includes everything involved in promoting the product, and the “place” or the place where the product will be sold. The first “p” refers to everything about the product: its brand, name, quality, technical capabilities, the various services offered to customers, its style, packaging, and ranges. As far as the range is concerned, there are three categories: wide, in the sense that there are several product lines, deep, in the sense that each product line contains references, and long, characterized by both the wide and the deep range. As far as price is concerned, the second p, determines the price choices, i.e. the policies made for each product, the choice of a discount such as rebate, rebate, etc., and the terms of payment. The third p, on the other hand, consists of sales, advertising, sales promotions, public relations, etc., and the third p is price. And the last p, point of sale, includes seeing points of sale for the distribution of the product. And not only the points of sale, but also the stock locations, logistics, …
Competition between 4 p and 4 c
There is also what is called the 4 c’s, which are competing with the 4 p’s. This is a marketing theory according to which the first c, the consumer, is the first pillar, so the company focuses mainly on customer expectations. The second c, cost, is a very good substitute for price. Then we have the third, convenience of purchase. In fact, with routine life, people expect you to be willing to offer them an easier life with the slightest constraint. And finally, communication, the fourth c replaces promotion. It has been found that multi-channel communication strategies are much more effective and much more interesting than single promotion policies.