Marketing mix - What is it? the 4Ps, and examples

marketing mix

Internal analysis of an organization to know the basic variables of its activity.

What is the marketing mix?

The marketing mix is ​​an internal analysis, oriented to marketing, which is developed in an organization with the aim of knowing the basic variables of its activity.

These variables are defined through the concept of the 4Ps: product, price, place, and promotion.

The marketing mix allows you to analyze these variables, obtain information to know the situation of the organization based on these, and, from there, be able to perfect a marketing strategy.

The 4Ps of the marketing mix

Through the marketing mix, 4 elements are analyzed that are fundamental for an organization :

Product

The product is about everything that the organization offers to the market, be it goods and services, places, ideas, etc.

Within this variable, the quality, guarantee, brand, and other elements related to the product or service offered to the consumer must be taken into account.

Price

This variable is responsible for giving the monetary amount of the product offered by an organization. This is the price of the product to be analyzed, the main element that generates income in a company.

When studying this variable, the prices proposed by other companies in the same market must be taken into account, in order to establish a competitive price and the best purchase for the consumer.

Plaza

The square refers to the distribution of the product, that is, how it will reach the consumer.

This variable includes the storage, distribution, and points of sale of the product.

Promotion

Promotion is a fundamental element for any organization since it ensures that the product offered is made known.

Within this variable, all the actions that the organization must carry out to publicize its product are analyzed and, likewise, what return will be obtained from said actions.

Examples of the marketing mix

Here are some examples in which the marketing mix is ​​applied:

• Example number 1:
  
  • Product: 500 ml toothpaste.
  • Price: $20.
  • Place: supermarkets.
  • Promotion: radio and TV.
• Example number 2:
  • Product: newspaper.
  • Price: $2.
  • Plaza: supermarkets, bakeries, and restaurants.
  • Promotion: internet, TV, and radio.
• Example number 3:
  • Product: 650 ml beer.
  • Price: $20.
  • Plaza: liquor stores, markets, and beer depots.
  • Promotion: TV, radio, and internet.

 

Thank You