The marketing mix consists of interrelated product development, pricing, promotions and distribution strategies that should be based on thorough research. Conducting the right kind of research to analyze how the marketing mix applies to your product or service will help you pursue the right strategies for your company. Look at other products and services that offer the same benefit and how successful they are.
And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering.
Price, Product, Promotion, and Place. But the 4Ps serve as a great place to start planning for the product or even to evaluate an existing product offering. All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges.
It is key to understand those problems that the product is attempting to solve. The benefits offered by the product and all its features need to be understood and the unique selling proposition of the product need to be studied. In addition, the potential buyers of the product need to be identified and understood.
Price Price covers the actual amount the end user is expected to pay for a product. How a product is priced will directly affect how it sells.
This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer. If a product is priced higher or lower than its perceived value, then it will not sell.
This is why it is imperative to understand how a customer sees what you are selling. If there is a positive customer value, than a product may be successfully priced higher than its objective monetary value.
Conversely, if a product has little value in the eyes of the consumer, then it may need to be underpriced to sell. Price may also be affected by distribution plans, value chain costs and markups and how competitors price a rival product.
Promotion The marketing communication strategies and techniques all fall under the promotion heading.
These may include advertisingsales promotions, special offers and public relations. Whatever the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. It is important to differentiate between marketing and promotion. Promotion is just the communication aspect of the entire marketing function.
Place Place or placement has to do with how the product will be provided to the customer. Distribution is a key element of placement.
The placement strategy will help assess what channel is the most suited to a product. How a product is accessed by the end user also needs to compliment the rest of the product strategy.
And get regular tips and tricks on topics such as marketing, financing, strategy, and management, so you can start and grow your company more successful. Together, elements in these four categories help develop marketing strategies and tactics. Through the use of this tool, the attempt is to satisfy both the customer and the seller.
These four variables are interdependent and need to be planned in conjunction with one another to ensure that the action plans within all four are complimentary and aligned. Help Achieve Marketing Targets Through the use of this set of variables, the company can achieve its marketing targets such as sales, profits, and customer retention and satisfaction.
Flexible Concept The marketing mix is a fluid and flexible concept and the focus on any one variable may be increased or decreased given unique marketing conditions and customer requirements. Constant Monitoring It is vital to keep an eye on changing trends and requirements, within the company as well as in the market to ensure that the elements in marketing mix stays relevant and updated.
Role of Marketing Manager A mature, intelligent and innovative marketing manager needs to be at the helm of the marketing mix. This pivotal role means that this manager is responsible for achieving desired results through the skill manipulation of these variables.
Customer as a focal point A vital feature of the marketing mix is that the customer is the focal point of the activity. The value of the product is determined by customer perceptions and the goal is to achieve a satisfied and loyal customer. This video shows how you can create value by using the marketing mix.
But relying on just these can lead to inaccurate assumptions that may not end up delivering results. To ensure a marketing mix that is based in research and combines facts with innovation, a manager should go through the following systematic process: Through customer surveys or focus groups, there needs to be an identification of how important this USP is to the consumer and whether they are intrigued by the offering.
It needs to be clearly understood what the key features and benefits of the product are and whether they will help ensure sales. Understanding the Consumer The second step is to understand the consumer. The product can be focused by identifying who will purchase it.How to Develop an Effective Marketing Plan.
The four P’s of marketing (4 P’s), otherwise known as “The Marketing Mix”, are a set of tools that help companies gain advantage within the marketplace. The 4 P’s are put in place to help maximize a product’s potential. It is also wise to determine an exit strategy if your product.
Marketing Mix Strategy & Analysis [Introduction] Marketing Plays a vital role in a business, because of marketing the business can offer their offerings and to their customers and provides the services.
Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define your vision, mission and business goals, and outlines the steps you need to take to achieve these goals.
Your marketing strategy affects the way you run your entire business, so. A good marketing strategy incorporates what you know about how your business fits into the market and the 5 Ps of marketing to develop the tactics and actions that will achieve your marketing objectives.
Your marketing mix is a combination of tools you can use to satisfy customers and meet company objectives. Consumers sometimes call a marketing mix "the offering" or "the offer." Your offer is controlled by several variables that are often referred to as the four Ps of marketing: product, price, place, and promotion.
Marketing Mix Strategy. So what is the ideal marketing mix strategy? How can you develop an optimal marketing mix? Your marketing mix choices must be made based on what your customers need, and what is your unique value proposition. Follow the questions below to develop your unique marketing mix for each of the 4 P's: Product or Service.