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The variables of the marketing mix that you should know

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The variables of the marketing mix that you should know

If you have a relationship with the world of marketing, the term marketing mix will surely sound familiar to you , since it is essential to know its pillars. This concept explains marketing as an element that is subdivided into 4 main components, also known as the 4 P’s: Product, Place, Price, and Promotion , which in Spanish would be product, Pakistan Phone Number List , price and promotion, respectively. But, with the passage of time, at 4P we have added another 3, arriving at 7P. Do you want to know more about this concept? Looking for examples of marketing mix ? Variables? In this article I will tell you all about him.list_altIndex of contents
What is the marketing mix? Definition
What are the 7Ps?
Examples to apply the marketing mix in your business
What is the marketing mix? Definition
The marketing mix is ​​the way you launch a new product or service to the market. The marketing mix helps you define your options in terms of product (Product), distribution (Place), price (Price) and promotion (Promotion) . In this way, you ensure that you are offering a product or service that fits a specific need of your target customer.

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What are the objectives and usefulness of the marketing mix?
The main objective of the marketing mix is ​​to find the perfect combination between product, price, promotion and distribution. In this way, your Betting Email List can gain and maintain an advantage over its competition.Thus, in addition, you make sure that:Your audience is satisfied.There is a perception of value product.
You walk away from your competition.
Implementing the marketing mix in the way that you consider most appropriate can be very beneficial for your business.What does each of the 4Ps mean? Elements of the marketig mix
Before we go further into examples and other elements related to the marketing mix, let’s analyze what each of the P’s that make up the 4P’s of marketing mean . And it is that these four variables perfectly explain how marketing works and how it is understood, so it is vital that you know its meaning.what is marketing mixProduct (Product)The product has been designed to satisfy the needs of potential consumers, so it must be perfectly studied and elaborated : market studies must be carried out, the brand must be thought about and worked on, elaborate related sales services, help services …

Price (Price)
It is the amount of money that the consumer must pay to have access to the product or service . In marketing it is extremely important to decide a good value for what you intend to sell, since it is the element that the buyer usually pays attention to the most.Carrying out studies on how much consumers are paying to the competition or on the net benefits that could be obtained are practically mandatory tasks. Pricing randomly or wrongly can spell total failure.Distribution (Place)
How does the product get into the hands of customers? That is the fundamental role of the variable “Distribution”. It will depend largely on the type of product that is being marketed, since it could be a physical product or an online product.As a general rule, relevant points such as storage, transport, waiting times, shipping costs or minimum order quantities will have to be studied.Promotion or communication (Promotion)
It is the means by which the product is made known . The ways to promote good are really wide: companies today have many tools and means to reach their potential customers.At this point, you should study which way is the optimal way to reach your goal, taking into account aspects such as age, population, sex or habits of the audience you want to reach.What differentiates the 4Ps from the 4Cs?With the passage of time, changing trends and new tools available to marketers around the world, new categories of the marketing mix have been proposed. Most of them are much more focused and focused on the consumer with the intention of guiding strategies to create emphasis on customer value.

In this case, I’ll tell you about Robert F. Lauterborn’s 1990 proposal on 4Cs:

Consumer solution, consumer
Communication , communication
Convenience , convenience
Cost , cost
marketing mix how it works

As you can see, there could be a similarity to the 4Ps, but the 4Cs are more customer-oriented. It is probably a proposal that is more adapted to services, not just products.

Consider the case of a rural house with accommodation. It is difficult to think of it as a product, but it is easier if we think of the house as a possible solution for the customer.

Below you can see the comparison between the 4P and the 4C:

marketing mix what is inboundcycle

What are the 7Ps?
The idea of ​​the 7P model was first published in 1960 by E. Jerome McCarthy in his book Basic Marketing. A Managerial Approach . From then until today, this idea has evolved to what we call the expanded marketing mix . The 7Ps create a functional framework that allows you to evaluate the business while optimally evaluating the marketing mix.

7 p of marketing that is inboundcycleOne way to carry out this evaluation is by asking questions such as:

Product : how can you develop your products or services?
Place : what new distribution options exist so that your customers can test your product? On-line? At home? Through an app?
Physical evidence : what sample do you give your client so that they trust you ?: Qualified staff, impressive offices, an intuitive and well-structured website?
People : who is your team? Are there any shortcomings in your skills?
Price : how can you change the pricing model?
Promotion : how can you add or replace the mix in your communication channels?
Process : is there an internal process that acts as a barrier between your business and offering the best value to your client?
And I would add a point 8, Partners : are you looking for new partners and correctly managing the ones you already have?

At this point you are likely to ask yourself: “So what is preferable? The strategy based on the 4Ps or the 7Ps? In which case to use each one? The 7P framework aims to help companies review and define key issues that affect how they market their services or products, therefore, it will depend mainly on the characteristics of each company.

7 p of marketing what are they

Examples to apply the marketing mix in your business
Learn from the greats. Companies from all sectors successfully apply the 7Ps of marketing. Do you want to know what are some examples of good practices applying them? I tell you, specifically, the case of HubSpot.

HubSpot was founded in 2006 and in these few years has more than 86,000 total customers in more than 120 countries. Comprised of Marketing Hub, Sales Hub, Service Hub, CMS Hub, and a powerful free CRM, HubSpot adds value for customers in all aspects of 7Ps. How? Let’s see:

Product : HubSpot defines its service as a set of integrated tools for SEO, blogs, social networks, web pages, email marketing and strategies to generate leads.
Place : everything is online, from its partner network to its users, from different countries.
Physical evidence : HubSpot maintains consistency in all your communications.
People : investment in online services.
Price : the software model is based on a monthly subscription service, depending on the number of contacts in the database and the number of users of the service.
Promotion : the staff and the management team hold conferences at events, webinars … In addition, they propose useful guides that are amplified through SEO. Not forgetting advertising on social networks PPC wherever potential customers are, in this case, LinkedIn.
Process : They have specialized sales personnel involved in the conversion.

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