The tools of the marketing mix

 The tools of the marketing mix

 

In a previous article (The marketing mix main elements, models and tools) we were talking about each of the elements and tools of the marketing mix. Once all the elements have been deciphered, let's analyze the essence of each one of them to outline the main tools of the marketing mix.

The tools and methods used in practice are defined by a series of policies that shape this style of marketing. The fundamental tools and elements are:

1.Product

An important point to understand the essence of the product is that it is the company's response to what its target customer segment wants to buy. It only exists if people are willing to pay money for it. Therefore, the product must have specific qualities that are demanded by the corresponding consumer segment.

Therefore, the development and management of the product is carried out with the following tools:

market offer

This includes certain qualities of the product or service that are demanded by consumers.
The range or line of product modifications

This parameter is managed by the renewal of articles, the introduction of new articles in the market, the withdrawal of irrelevant articles, etc.
The name or brand

It is a name, a set of associations and emotional characteristics that complement the market offer and facilitate consumer choice in the abundance of offers.
packaging

It is the most communicative tool of the product, since it interacts and communicates with consumers. And it's not just a matter of brightness, color and other elements of packaging appeal.


In today's market, it is also a question of comfort, customer service and proof of adherence to the moral principles proclaimed by the company. In the latter case, it is a question of ecology, care for the environment, etc.
related services

It is a set of services that make life easier for consumers when buying a product, for example, delivery, installation, etc.
consumer experience

This tool began to receive serious attention relatively recently. Only in the last few years have marketers paid attention to the fact that a good product is not only about choosing precisely the qualities that consumers need, but also about how they are combined and implemented in the product.

Convenience, comfort, simplicity, proactivity, the emotional content of the functions, the game mechanics, etc. they are now just as important as the main features of the product.

Warranty, service and post-warranty service

In many product categories, a company's concern for its product does not end with the purchase.

2.price

The management of prices is increasingly complex with the development of technology, because companies can set them dynamically, taking into account the demand at all times. Therefore, the decision on this element of the marketing mix may not be as obvious as the sum of cost and profit margin. This parameter can be managed by companies using the following tools:
prices

Price is an important enough factor in shaping demand. It can help increase market share or 'Take out the frills' and maximize profits etc.
discounts

Since they play a motivating role, they must also be applied in a meaningful way. With the help of this tool, the company decides to whom, when, under what conditions and for what amount to grant a discount.
bonus programs

This tool is similar to discounts, but has a different application mechanism. While a discount is a momentary reward for the purchase, a rebate is deferred.

3.Location

The most demanded product can go unnoticed if it is simply not available to consumers, so the organization of a distribution system requires the use of the following tools:
Distribution channels

It provides answers on how a company's market offering is made available to its target consumer audience, what the company uses to distribute its products, and how. For example, working through wholesalers, retailers, direct sales, e-commerce, etc.
Representation in distribution channels

A company can also adjust the width, depth, and length of its product range across different distribution channels to meet its strategic objectives.
merchandising

This tool influences the way the product is displayed on the store shelf and its presentation to the customer.