The marketing mix, also known as the “4P of marketing” is a concept that brings together all the decisions and actions taken at the marketing level to achieve all the objectives of a company and thus ensure the success of a product and differentiate itself from the competition.
The marketing mix is mainly based on 4 policies in which decisions are made and in which marketing actions are made :
- The product policy,
- The price policy,
- The distribution policy,
- The communication policy
We find the 4P due to the initials :
There is a great dependence between these 4P. Individually, they are not effective.
The product policy concerns the objects that will be marketed as well as its attributes, that is to say the packaging or services that can be associated.
The pricing policy is the rate at which the product will be sold.
The distribution policy is defined by routing the product to the customer, through direct distribution or through indirect distribution (i.e., through intermediaries).
The promotion policy involves all communication actions from the product to the targets and the relevant media.
It is therefore important to have a marketing mix that perfectly matches the company’s expectations and needs in order to have a positive impact on sales while increasing margins. If one of the policies changes, there will be an impact on the expected results as they depend on each other.
Before defining your marketing mix, it is therefore important to analyze the company to know the situation, the market, the competitors as well as the customers and their needs. It is necessary to know the context of the company in order to best apply the marketing mix. We do not make important decisions or define business policies without knowing the context in which they will be applied.
The policies you will define must take into account the particular situation in which your business is located. They will therefore have to respect the mission, the vision of your company and help you achieve your goals.
All these data are different from one company to another and this is what makes the marketing mix unique and suitable.