Marketing mix – what is it and what is it used for?

Marketing mix, or 4Ps

This abbreviation refers to the four basic pillars by which a company can influence the market. We will discuss them briefly below:

• product (product) – what do you offer and what do you bring to the customer. This issue should be considered in terms of attractiveness, quality, recognition, target group, etc.;
• price – that is how much the customer will have to pay for your product or service, as well as potential discounts or rebates that he can count on;
• place/distribution (place) – methods and distribution channels through which your product will reach the customer. You need to pay attention to both accessibility (do you run an online or brick-and-mortar store? If the latter, how many outlets do you have and in what locations?) and the optimization of the transaction itself;
• promotion (promotion) – these are all activities aimed at advertising your product: public relations, content writing, advertising, any other activities promoting the offer.

Alternative to 4P – 8P and 4C

Although the 4Ps already seem to be a concise and exhaustive concept, over the years there have been voices and suggestions to expand it with further elements. We will discuss the two most important ones below.

8P

In fact, we are not dealing with something new – 8P is a combination of the aforementioned 4P and four new components that the company should pay attention to. They are:

• people – your staff;
• process  – what is the course of service provision;
• physical evidence – material and visual elements with which the company is identified;
• pleasure (pleasure) – generally understood satisfaction related to dealing with your products and services.ga:

4C

It has been known for a long time that “our client is our Lord” – for this reason it is worth looking at the world not from the perspective of the management board, but from the perspective of the average buyer, thanks to which you will better understand what the buyer values. 4C distinguishes the following elements:

• cost – all costs that will be incurred by the customer who wants to buy your product (so it is a much broader concept than price);
• communication – clear and transparent presentation of the values adopted by your company;
• convenience of purchase – availability and ease of purchase of your products. After all, everyone values their time;
• consumer – do you offer something that is really useful? What audience are you trying to reach? What are you attracting attention to?

Marketing mix – Benefits

First of all, you should take care of solid foundations, i.e. make sure that there are no defects in each of the four aspects mentioned (is your product – and its production process – of the highest possible quality, is its delivery efficient, do you have a clearly defined recipient group, etc. ?).

Equally useful will be the 4C concept, which is the other side of the same coin, offering a valuable insight from the perspective of consumer expectations. If you ensure that each element of the 4P and 4C is at a high level, your company will certainly notice a significant improvement in financial results.