We know the well-known basic definition of the marketing mix consisting of product, price, place and promotion or called the 4Ps. The marketing mix will be the main point of the company's strategy to build and advance the company. Now I will explain one by one the basic definition of the marketing mix.
The product is the main component or tool known to people or consumers. Product is also an identifiable component of a company. To identify a product, it is better to give a special name that corresponds to the product itself, namely what is called a brand. Brands have a greater influence on customers with brand power when a product has a brand so that marketing tools can work well. When we grow to be a big brand then the brand can provide an advantage in our company. Therefore, the product must have a name or be referred to as a brand. Generally a brand is similar to a trademark, brand or product name.
Talking about price, price is part of the product if consumers want to have the product they have to buy. In buying and selling transactions there must be a price. The company or brand owner takes a little profit from the added price of the resulting cost of goods.
Price is also an important thing to determine the market segment.
The price must match the quality and character of your product.
Prices can affect market attitudes, determining the right price can increase the selling value.
This component basically becomes an important job description of the sales division. In the marketing strategy, prices can be played with several variants, functionally the strategy influences consumers to take action to close or purchase our products. Several variants of marketing strategies regarding prices are price discounts, attractive promos, price manipulation, stock prices, bundling prices and others.
What does place mean in the marketing mix. Place is also positioning. The product must have a clear positioning, meaning that the product stands on whose name?
Basically the place is related to the distribution channel. Distribution channel distribution must have a strategy. The available product is a distribution consideration. Brand positioning will appear when distribution channels exist. Maintain distribution channels and loyal channels can defend against broken prices in the market.
Promotion is the last point of the marketing mix but it has an important point. Without promotion a brand cannot be brand minded. So many types of promotions. In the digital era, digital marketing is one of the effective strategies, offline marketing is a bit abandoned by marketers or companies.
The efficiency of digital marketing effects increases the selling point. Social media, e-commerce, market places and others become a means to introduce products or increase product sales in practice.
Digital Marketing has a lower budget but the effect is great. But before we promote our brand on digital marketing platforms, we must understand how social media advertising works, because every social media has a different algorithm for its use. Email marketing has recently been either promoting a product or service into a digital marketing platform.
Marketing is the keyword of the company. Better companies will do marketing well and understand the basic concepts of marketing. The main point in business is focus and consistency. The above explanation is just some knowledge that must be understood. The marketing mix is only one element or tool. So many marketing strategies to recognize our products, not only the 4Ps, it depends on the decision maker based on the company's corporate regulations. Unreleased marketing in the promotion of products or services.
Almost all companies in the world use different marketing strategies. Hopefully this little article is useful for us.