Marketing mix: marketing policies
Posted: Wed Dec 11, 2024 4:20 am
The marketing mix is not a new term. It was first introduced by E. Jerome McCarthy, a professor of accounting at Michigan State University, in his book Basic Marketing: A Managerial Approach back in 1960. However, over time and as is now common in Marketing, it has evolved and adapted to our times.
In any case, if we had to define what the marketing mix is, we could do so by saying that it is the set of efficient actions or strategies that a brand implements to promote its products or services in the market .
To achieve this, the marketing mix relies on a botim database series of variables, also known as marketing policies . The aim of all this is to satisfy the target audience, offer a valuable product and, of course, stand out from its direct competitors.
Do you want to know more about the marketing mix and marketing policies? Well, here are your options. The first is to study the higher degree in Marketing and Advertising in Madrid ( also available in Valencia ) or the dual FP Marketing and Advertising Madrid from the European Vocational Training Centre in Madrid – Higher Professional Studies. The other is to continue reading this post.
The 4 P's of marketing
Originally, E. Jerome McCarthy said that the only way to understand how marketing works and to move a business forward was based on 4 basic elements. These were what he called the 4 P's of marketing and they consisted of:
Product
This marketing mix policy not only refers to the product itself (name, design, material it is made of, etc.), but also to those elements and/or services that complement it , such as packaging , technical service, warranty, etc.
Price
Pricing policy is key to the viability of a business . It must be profitable and, at the same time, fair . In this sense, when setting the appropriate price, factors such as how much it costs to produce the product (fixed and variable costs), the purchasing power of the target audience, the prices that competitors are considering and the added value offered in relation to it must be taken into account.
Point of sale
This marketing mix policy mainly deals with 2 aspects that are important:
Distribution channel: at this point, the choice is between direct distribution (the producer is the one in charge of supplying the product to the final consumer) or indirect distribution (intermediaries, normally retailers and wholesalers, are used to ensure that the product reaches the users).
Point of sale: this can be physical or online . And not only that, there is the option of evaluating whether you want a point of sale where only products from one brand are sold (all or part of the catalogue). Or, on the contrary, that it is a multi-brand store where other related and competing products are also sold.
Promotion
The promotion policy refers to the marketing strategies and advertising actions that will be carried out to promote the product, either at its launch or on a recurring basis; in addition to the channels that will be used for this purpose.
Although the “traditional” marketing mix, that is, the one coined by E. Jerome McCarthy, has been composed of the marketing policies we have just discussed, in recent years this concept has been modernized (as we already mentioned at the beginning of the article) and has incorporated 3 others. Going from the 4 Ps to the 7 Ps of marketing.
The latest to arrive were:
People
This marketing policy refers to the work teams involved in the design, production, promotion, distribution and sale of a product. Having the right people, giving them recognition, offering them continuous training... In short, making them feel that they are an important and essential part of the company. All of this will have an impact on their involvement in the business and, subsequently, on the quality of the products.
In any case, if we had to define what the marketing mix is, we could do so by saying that it is the set of efficient actions or strategies that a brand implements to promote its products or services in the market .
To achieve this, the marketing mix relies on a botim database series of variables, also known as marketing policies . The aim of all this is to satisfy the target audience, offer a valuable product and, of course, stand out from its direct competitors.
Do you want to know more about the marketing mix and marketing policies? Well, here are your options. The first is to study the higher degree in Marketing and Advertising in Madrid ( also available in Valencia ) or the dual FP Marketing and Advertising Madrid from the European Vocational Training Centre in Madrid – Higher Professional Studies. The other is to continue reading this post.
The 4 P's of marketing
Originally, E. Jerome McCarthy said that the only way to understand how marketing works and to move a business forward was based on 4 basic elements. These were what he called the 4 P's of marketing and they consisted of:
Product
This marketing mix policy not only refers to the product itself (name, design, material it is made of, etc.), but also to those elements and/or services that complement it , such as packaging , technical service, warranty, etc.
Price
Pricing policy is key to the viability of a business . It must be profitable and, at the same time, fair . In this sense, when setting the appropriate price, factors such as how much it costs to produce the product (fixed and variable costs), the purchasing power of the target audience, the prices that competitors are considering and the added value offered in relation to it must be taken into account.
Point of sale
This marketing mix policy mainly deals with 2 aspects that are important:
Distribution channel: at this point, the choice is between direct distribution (the producer is the one in charge of supplying the product to the final consumer) or indirect distribution (intermediaries, normally retailers and wholesalers, are used to ensure that the product reaches the users).
Point of sale: this can be physical or online . And not only that, there is the option of evaluating whether you want a point of sale where only products from one brand are sold (all or part of the catalogue). Or, on the contrary, that it is a multi-brand store where other related and competing products are also sold.
Promotion
The promotion policy refers to the marketing strategies and advertising actions that will be carried out to promote the product, either at its launch or on a recurring basis; in addition to the channels that will be used for this purpose.
Although the “traditional” marketing mix, that is, the one coined by E. Jerome McCarthy, has been composed of the marketing policies we have just discussed, in recent years this concept has been modernized (as we already mentioned at the beginning of the article) and has incorporated 3 others. Going from the 4 Ps to the 7 Ps of marketing.
The latest to arrive were:
People
This marketing policy refers to the work teams involved in the design, production, promotion, distribution and sale of a product. Having the right people, giving them recognition, offering them continuous training... In short, making them feel that they are an important and essential part of the company. All of this will have an impact on their involvement in the business and, subsequently, on the quality of the products.