The marketing mix is one of the primary strategies used by marketing departments. Although the concept, which has become more popular in recent years with the digital world, is detailed with digital touches, it never loses its essence. Medium and large-sized companies should determine the right marketing strategy in order to maintain their growth and increase their profit margins. The main backbone of the strategies is this concept of karma. So what does Marketing Mix mean? What does it mean? Let’s see together.
What is Marketing Mix?
The Marketing Mix is the most critical and fundamental strategy used by marketing departments. It was brought to the literature by Philip Kotler , who is accepted as one of the pioneers of marketing in the world. When talking about karma, the first thing that comes to mind is the 4P . 4p are known as Marketing Mix elements. Competition in today’s market is starting to increase day by day and companies want to sell not only in the national market but also in the international market. As such, the 4Ps of marketing emerge, which are how the business will do marketing and how it will hold on in an ever-increasing competitive environment. Let’s take a closer look at this 4P concept.
What are the 4Ps in Marketing?
The marketing mix is intertwined with the concept of the 4P. It got its name from the initials of the words Product (product), Price (price), Place (distribution), Promotion . So what do these concepts mean? What are the marketing mix elements?
Product:
The concept of product, which is the basic element of the mix; It is an object that contains some elements such as quality, design and brand and is offered to the market by the company. It is the duty of the product in the 4Ps to decide how to reach the market and what our product features will be in the process that starts with the planning.
Price:
The second thing we will do after we have a product is that we have to put a price on it. Many factors play a role in the price of the product. One of them is the cost of the product. While determining the price, the price ranges that consumers are willing to buy this product, pricing according to the target audience, and other prices in the market of the product have an important place in marketing. At this point, Kotler says, the most important point is to find the price that the seller will want to sell and the point that the buyer will be willing to pay. It is one of the most important elements in the marketing mix.
Distribution (Place):
The point where the product is purchased. Thanks to distribution, it is aimed that the product meets the customer at the right place and at the right time. If the customer has difficulty in reaching the product, his desire for that product will be broken and he will not be late to turn to the alternative. Another important point in distribution is time. It is necessary to determine the moment of need of the consumer well.
Promotion:
Considering the increasing competition conditions and the emergence of a new alternative product every day, it is very important that you can show your product to the consumer for a long time. We created our product, priced it, placed it on the shelves. So, is the consumer aware of this product? If you have not promoted your product, waiting for it to be noticed is both a great chance and a great risk. By using one or more of the promotional elements, you should ensure that your product stays for a long time and then innovate and increase the in-market life of the product.
This post is also available in: Türkçe Français Español Deutsch
Yorumlar (0) Add Comment