Definition of Marketing Mix

The marketing mix is ​​a fundamental tool for the commercialization adequate of the products or services offered by a company, being made up of four main elements that are: product, price, place and promotion, in such a way that, when these reach an equal proportion, they become the column of any strategy marketing and market. Thus, it is also known by Marketing Mix or the 4P's of Marketing, in its original sense, observing that over time it extends to 8P's.

The marketing mix was recognized in the 1950s by Neil H. Borden, a professor at Harvard University, being disclosed until 2003 by E. Jerome McCarthy. By 2008, the marketers Philip Kotler and Armstrong defined this conglomeration of terms, precisely around functionality as:

With this mix, not only sales tactics are carried out, ways of being more effective in the constancy and loyalty of the brand are also recognized, which makes the customer Consciously consume from knowing the differences of the product or service with the competition; the set of 4p's can be changed or adapted to each situation so that the client and the companies can benefit, creating a high demand and with it good profits, on the consumer side the objective is to have a happy customer for the purchases that makes.

Defining each component of the marketing mix

- Product. It is the merchandise that is intended for consumption, it is not only defined as a merchandise, but also as anything that can be offered in a market for satisfy a need or desire, it can be physical, an experience, something spiritual, information, in short, any element susceptible to being offered and defendant. Companies must offer products with attributes and characteristics that must be conspicuous in order to be attractive. must also consider the life cycle of the product or service in question, also the satisfaction that each consumer required.

- Price. In marketing it is the element that produces an income where the costs generated by the production of a product or service are included; the price is highly flexible and is modified by different causes or circumstances, a situation that does not occur in the other P's that make up the mix; under the price the positioning and the quality are defined, some of the indicators for a strategy under this heading are: elasticity of the price, advertising, promotion, pricing over price, perceived value, target cost, and sales. The price is the value that will be charged for the result that is offered to customers, prices are key for certain strategies, such as cost leadership, which is based on reducing costs to have a better price than the competence.

- Square. The place where the products are found is considered, in this section logistics and distribution are of vital importance, determining elements for the arrival of products and services to the consumer, a plaza can be a grocery store, a supermarket, a pharmacy and many other places where the shopping. The strategy to be followed under this foundation is based on the excellent distribution in transportation and storage, This being decisive for the product to be in the hands of consumers when they require it.

- Promotion. They are the tools to encourage buying, these are usually price reductions, 2x1 purchases, bonuses, prizes and free samples to mention some of the more traditional. This activity is used as a strategy for companies so that their product reaches the maximum number of customers in the targeted market segment, all with the desire to increase their income, this is where the advertising tasks and the commercial diffusion come in to publicize the promotions.

With the passage of time in the search for greater benefits, it has been necessary to add other elements, which, encompassed with the classic mix, create the 8P's: being added the Persons (linked to the workers who work around the product, in terms of image and functionality), the Process (analyzes the ways of reaching the public as well as identifying possible problems of experience), the Presence (in response to the consolidation of the image of the product and manufacturer, and the ways of approaching the public) and Productivity (articulates the investment area and general costs in Balance with the expected or obtained results), with which profitable strategies are generated.

Advertising campaigns are determined from the knowledge of the marketing mix of products, business units, brands and services in global markets; By knowing the four elements of this mix, successful marketing strategies can be generated.