The Marketing Mix – Ingredients For Success
The marketing mix, earlier generally known as the 4 p’s, (but now has a number of more), is an important part of any advertising strategy. This is a device whereby the marketer takes decisions on what and the way a product ought to be, where it can be sold, the way it should be priced, how it will probably be promoted, learn how to equip the people who are responsible for promoting the product… and so on. Getting the marketing combine right is equally vital for the massive corporation and the small enterprise owner. Let us take a closer look at the 5 most vital elements.
Product: Well, certainly that’s what it’s all about, isn’t it? A lot of thought and effort goes into designing a product offering. The most important question that you, as a marketer, have to ask is whether there is a need for your type of product and how your individual product satisfies that need better than those of your competitors. This will force you to think of why your product is unique, and thereby allow you to evolve your product’s Unique Selling Proposition. At the identical time, you will have to analyze your company’s strengths and weaknesses and the opportunities and threats posed by the market, to grasp how you are positioned versus the competition.
Price: This element of the advertising and marketing mix can be many a strategy’s undoing. A complete understanding of the financials that drive a business is crucial before deciding a pricing strategy. Base your choice after considering the next – what’s the perceived value of your product within the eyes of the customer? How price elastic is the market? Do you wish to load overheads on to the new product, if an current product line is able to absorbing them? What is your goal – do you plan to gain market share on the power of a rock bottom price or do you want to create a premium image targeted at niche customers and price your product accordingly?
Place: This is probably that ingredient of the marketing combine that has undergone a whole change in definition. Traditional trading and distribution models have given way to remote or virtual channels. While reaching the customer may have grow to be simpler, your job as a decision maker has become that much more complex. You now have a plethora of options to choose from – do you go for brick and mortar or direct mailing, use the cellphone or promote door to door? This choice should, first and foremost, be driven by customer preference after which by different considerations like logistics and economics. Indeed most businesses rely on a multi distribution channel strategy.
Promotion: In a commoditized industry, this is what makes the important difference. Possibly no different marketing mix element draws as much consideration from technique makers. Again, let consumer needs drive your efforts. Does your marketing communication address a specific need of the goal audience? Is the message memorable? Does it spur action? Here again, the complete landscape has changed from what it was a couple of years ago. Promotion has gone method beyond mere advertising and public relations – it’s now a highly advanced process, ranging from live occasions to web marketing. In these times of knowledge overload, promotion strategies must pack adequate punch to chop through the clutter.
People: Although a later entrant to the marketing mix family, the people decision is no less important. Indeed, in service oriented businesses, it may well be the key determinant of success. No strategy is complete until the people who find themselves in charge of implementing it have the wherewithal to do so. This means investing in sales pressure training, guaranteeing a customer relationship management system is in place and building a customer centric culture all through the organization.
Remember also that the marketing combine is a dynamic entity and must be reviewed and refined periodically. It always helps to stay in contact with the most recent developments and current knowledgeable opinion ought to have what you’re in search of in phrases of books and different resources.
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