11:03 PM
Lanee' Blunt
by Lanee' Blunt
The marketing mix is
important to your business, and is the manner in which various marketing
activities are combined. Marketing can help you attract customers. An effective
marketing mix means effective sales promotion. The elements of the marketing
mix can be planned, controlled and adjusted until the right combination is
found to serve the needs of your customers. The ingredients in the marketing
mix are product, place, price and promotion.
Product
A product is analyzed for
its ability to stand up to the competition. It refers to tangible products and
service. Product decisions are made on packaging, warranty, brand name, quality
and functionality. Your product offers benefits to your customers. For example,
functionality and safety can be used as a benefit. You may offer warranties and
return policies that other companies aren’t offering. The product is analyzed
for its ability to compete.
Price
Price includes the decisions
that you would make to price your product competitively. The pricing strategy
that you use will depend on achieving high volume and low cost. Competitive
pricing is having a product that is priced lower than your competition. For
example, your product is the same as other products, so price yours lower than
the competition.
Place
Place includes the
distribution decision to reach your customer in a particular geographic
location. Place is where your customers are, ask yourself “how to reach your
customer”. Place is not where your business is located, but where your
customers are and how you will sell to them, for example, how to reach your
customer in a particular geographic location outside your country if you are a
computer manufacturer. If you are a retailer your customers can reach you
locally.
Promotion
The promotion in the
marketing mix represents the aspects of communication about your product. It is
a coordination of activities that you will perform to directly interact with
your customers. Promotion includes advertising, public relations and sales
promotion. Promotion consists of strategies used to get customers to buy your
product, for example, using a sales promotion such as coupons.
The marketing mix is
commonly referred to as the 4 P’s in marketing. They can be used to market your
business and can be adjusted to get the results that you are looking for. The
goal for the business owner is to make decisions that will center on the
marketing mix in the target market to get the results you want.
Reference:
Free World Academy
Business Dictionary:
Marketing Mix
Posted in: Marketing
