The marketing mix is definitely something that anyone involved in marketing has heard several times.
A more specialised term is the 4Ps of marketing, which are essentially a multifaceted approach to the strategy followed by companies in terms of products and the relationship with their audience.
So, let's see below what the marketing mix is, what it consists of and what are the trends for 2022.
Marketing Mix – Definition
The marketing mix and the 4Ps of marketing are frequently used interchangeably as terms, although they are not exactly the same.
The marketing mix is a broader term that includes the options and combinations used as a business tool.
So that a company can ensure that its product or service reaches the market and wins over its audience.
4Ps are one type of marketing mix and is a term first coined by E. J. McCarthy in 1960 in his book "Basic Marketing - A Managerial Approach".
What are the 4Ps of Marketing
The 4Ps consist of four main elements: Product, Place, Price and Promotion. To understand these elements, one must answer critical questions that clarify them.
What is a business going to sell? Will it be a natural good or a service? What features will it have and how will it meet the specific needs of the public? What will be its properties and how will they be utilised by customers?
Where will the product be distributed? How will potential customers find it? Through which distribution channels? Will the distribution take place in a physical store, online or in both? What is the ideal place based on the needs of prospective customers?
At what price will the product be sold? How will this price affect the brand's reputation and relationship with its audience? What is the right price based on product value, the consumer's willingness to pay and the competition?
How will the product be promoted? How will potential customers find out about this and the brand? What strategies will be used and how will they be made more effective?
The marketing mix in 2022
An effective marketing mix is not something static, but it changes according to the requirements of each season.
What is very important is to create a marketing plan that will meet the needs of the target group and will be constantly evolving.
Thus, in 2022, specific trends have emerged that affect how we perceive the marketing mix and the 4Ps.
Competitive advantage of a product and service
The product or service you provide is essentially why you have a business and target a specific audience.
It is very important that the product or service is in line with the needs of the ideal customer, has all the necessary features but also does not have useless properties that add difficulty for the user.
But beyond this general approach, it is extremely important that the competitive advantage of the product or service can be clearly articulated.
In short, what differentiates what you offer from what your competitors offer.
A competitive advantage can be price, quality, a particular feature, the usefulness of the product or a broader business-related element, such as payment options, shipping capabilities, etc.
New digital promotion channels
The general trend towards digitization of most of the economy has boosted the value of e-commerce.
Digital marketing has been brought to the centre of the promotion of a brand's products and services.
Therefore, the utilisation of digital channels is an important part of a company marketing strategy.
In fact, omnichannel strategies that combine different channels in a single approach, where each element interacts with the rest, is constantly gaining ground.
Social media marketing, Search Engine Optimization, Conversion Rate Optimization, Google Ads, email marketing and affiliate marketing are the main pillars around which the efficient promotion of online and physical stores in the digital environment is built.
Different pricing strategies
The way you shape and present the price of your products and services, always in relation to their value, has a decisive influence on the future profitability and the company's share of the market.
The three main pricing strategies that currently dominate are:
- Market penetration strategy: A relatively low price is set for a product at an early stage of its life cycle in order to claim significant market share.
- Market skimming pricing: A high starting price is set, to attract buyers with a strong desire for the product and resources to buy it, and then the price is gradually reduced, to attract other potential buyers.
- Neutral pricing: This is the most common pricing strategy, in which the price is set at levels depending on the competition.
What you will ultimately choose has to do with:
The cost of the product, the characteristics of your target group, the habits of the competition and in general, the way in which the brand wants to be placed in the market.
Strategies for distribution channels
A deep understanding of the market is necessary when a company selects its product distribution channels.
There are several distribution strategies:
Such as exclusive or selective distribution and franchising.
So, it is important to know the buying habits of your potential customers, the access that your business can have to the various distribution channels and in general the goals that you set in terms of market share.
What is certain is that in 2022 the presence of a brand in e-commerce is considered necessary, in order to reach a wide audience that does not cover specific features, as in the past.
4Ps marketing mix - Is it effective in 2022?
The 4Ps is a targeted approach to the key elements that will determine the success of a product and a brand.
In this sense, an adequate and multifaceted understanding of these elements is essential to any marketing strategy.
Beyond that, the trend is to include many of the above elements, which frame the 4Ps.
The human resources of the company, the purpose of the brand, its placement in an environment that is constantly changing, the philosophy and the corporate social responsibility in combination with the exhaustive analysis of the market are parameters that should not be missing in 2022 from any marketing plan.
So these were the 4Ps!