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.
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 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 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.
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.
New Biz Advisor World Academy
Business Dictionary: Marketing Mix