You may have spent a lot of time marketing.
The Marketing Mix is a collection of variables that can control and influence consumer reactions. It represents the four pillars of any business strategy. This set of variables has changed over time due to technological advances. It is important to understand that these elements are essential for a successful brand.
Clients are increasingly asking about the importance of the Marketing Mix in a digital world. Clients who sell products online often don’t know how to create a sales and marketing plan while they are still in the business planning phase. It is possible that these clients created a business plan, but did not consider the new pillars and how they were applied in digital strategy.
The Evolution of the 4 P’s in Marketing
Product
This pillar helps to define and understand the characteristics, differences, and attributes of what is being offered to satisfy consumers’ needs and desires. This means that the product is not only a tangible asset. It can also be a business offering, which has added value and meets the needs of a particular group of people.
Philip Kloter described a product as “something that can offer to a market in appreciation, acquisition, usage or consumption and that can satisfy a want or a need.” (Kotler & Armstrong 2010, 2010). In the last decade, it has been more important to meet consumer needs than ever. Many marketers have changed product P from problem P to product P. This is because a product can solve customer problems.
Price
It is difficult to establish a price for a product or service, especially if you launch a new product. Pricing can be difficult for people who have never done it before. However, there are many strategies and mechanisms that can make this easier.
Correctly defining price as the key factor in generating revenue can make the brand more competitive or disadvantageous. The price of a product or service is not just related to its value, but also to how people perceive the brand’s value. Simply put, brands that are more valuable for customers are more likely be successful, regardless of their higher price.
It is important to ask clients specific questions when developing a strategy plan. These questions may or not reflect the market’s expectations. This will help you to get a sense of where to start.
Place and Presence
After the product and price positioning are clearly defined, it’s time to create a distribution plan. Also known as “presence”, this is how and where consumers will be able purchase the product. It is crucial that the brand’s customers have easy access to it for this stage.
Before determining the best sales channels, it is a good idea to do a geographic analysis. Online sales are often the best option for universal access. It is important to determine where your target audience lives, how often they use this product, what establishments they frequent, as well as the type of products they are interested in.
Promotion with a Purpose
It is important to create mechanisms for brand disclosure online and offline when entering the promotion stage. It is important that the message reaches the right people as it is the best way for the brand to be known and the products to continue to be used.
It is no longer enough to highlight the differences of a product. The brand must also be clear about its purpose in today’s market. A purpose that aligns with your values, beliefs, health, environment sustainability, family connections and family is important in a purchase decision. No matter how innovative or necessary a product is, it doesn’t make sense to offer poor working conditions for employees.