The marketing mix is a study of internal strategies, generally developed by companies for the analysis of the four basic elements of their activity: product, price, distribution and promotion. Its purpose is to know the company's situation and to be able to design specific strategies for subsequent positioning.
It is important to note that this term is attributed to Neil Borden, who in 1959 used it when creating a list with the twelve essential elements on which the marketing professional should focus. With the passage of time, this list was reduced to four basic elements, that is, the 4Ps: price, product, place (distribution), and promotion.
The price. This element reflects the information about the price of the product that the company offers in the market; This variable is very competitive, as well as being the only one that generates income.
Product, this element includes both the product, as well as the supplementary elements to that product (packaging, warranty, customer service, etc.)
Distribution, in this variable are all the channels through which a product is transferred, from when it is manufactured until it reaches the consumer's hands. In this sense, it should be noted that aspects such as storage, points of sale or the relationship with intermediaries will be taken into consideration.
Promotion, this variable is related to all the methods that the company uses to publicize a product and increase its sales, some of these methods are the location of the product, public relations, etc.
In this way the marketing mix or blend of marketing, represents the strategy followed by the company when you need to get more customers.
The function of the marketing mix will be to achieve increased customer satisfaction, so that they choose the product again and also recommend it to their family and friends. For this, there must be coherence between the variables, for example, the company cannot place a product in a luxury site and then compete with low prices.
It is also important that those in charge of carrying out marketing mix keep in mind if the objectives set are made in the short or long term, since some variables can be difficult to modify.
