Following last week’s SWOT analysis that provided the foundation for the formulation of our Marketing Strategy (Strategic Marketing), this week, we will focus on operationalization – the Marketing Mix. The Marketing Mix is nothing more than an Action Plan that materializes the actions formulated by the Strategy. Traditionally, the Marketing Mix is known as the 4Ps: product, price, place, and promotion.
The first P – Product – refers to the good or service that the company offers to the market. It involves design, quality, packaging, and attributes aimed at creating a product that meets the needs and desires of the customer and stands out from the competition.
The second P – Price – determines the monetary value that the customer must pay for the product or service enjoyed. The price should be defined based on factors such as production costs, competition, and market positioning. For example, it can vary with lower prices to reach a broader market or higher premium prices to position the product as high-quality.
The third P – Place (Distribution) – refers to the methods used by the company to make the product or service available to the customer. It includes decisions about the choice of distribution channel, logistics, transportation, ensuring accessibility to the target audience in the right place and at the right time.
Finally, the fourth P – Promotion (Communication) – encompasses all promotional activities used to advertise the product and/or service. It includes advertising, public relations, digital marketing, and other actions that help attract and persuade customers to make a purchase decision.
In summary, the marketing mix aims to generate interest, create a desire to purchase, and enhance the customer experience.
Want to learn more? Register for our webinar on the internationalization opportunities you can achieve with WebSummit 2023.