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The marketing mix, earlier referred to as the 4 p’s, (but now has a few more), is a vital part of any advertising strategy. This is a device whereby the marketer takes decisions on what and how a product should be, where it may be sold, how it should be priced, how it will likely be promoted, how to equip the people who find themselves responsible for selling the product… and so on. Getting the marketing combine right is equally necessary for the large corporation and the small enterprise owner. Let us take a closer take a look at the 5 most vital elements.
Product: Well, surely that’s what it’s all about, isn’t it? A lot of thought and effort goes into designing a product offering. The most vital question that you, as a marketer, have to ask is whether there’s a need on your type of product and how your individual product satisfies that need better than those of your competitors. This will force you to consider why your product is unique, and thereby assist you evolve your product’s Unique Selling Proposition. At the same time, you’ll need to analyze your company’s strengths and weaknesses and the alternatives and threats posed by the market, to know how you might be positioned versus the competition.
Price: This component of the advertising mix will be many a strategy’s undoing. A full understanding of the financials that drive a business is crucial before deciding a pricing strategy. Base your choice after considering the next – what is the perceived worth of your product within the eyes of the customer? How price elastic is the market? Do you wish to load overheads on to the brand new product, if an existing product line is capable of absorbing them? What is your goal – do you plan to gain market share on the energy of a rock bottom value or do you want to create a premium image targeted at area of interest customers and value your product accordingly?
Place: This is probably that ingredient of the marketing mix that has undergone a whole change in definition. Traditional trading and distribution fashions have given technique to remote or virtual channels. While reaching the customer may have turn into simpler, your job as a decision maker has become that rather more complex. You now have a plethora of options to select from – do you go for brick and mortar or direct mailing, use the cellphone or sell door to door? This resolution should, first and foremost, be pushed by buyer preference and then by different considerations like logistics and economics. Indeed most businesses rely on a multi distribution channel strategy.
Promotion: In a commoditized industry, that is what makes the important difference. Possibly no different marketing mix element attracts as much consideration from strategy makers. Again, let consumer wants drive your efforts. Does your marketing communication address a specific need of the target 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 approach beyond mere advertising and public relations – it is now a highly advanced process, starting from live events to internet marketing. In these times of data overload, promotion strategies must pack sufficient punch to cut through the clutter.
People: Although a later entrant to the marketing mix family, the folks decision isn’t any less important. Indeed, in service oriented businesses, it might be the key determinant of success. No strategy is complete except the people who find themselves in cost of implementing it have the wherewithal to do so. This means investing in sales pressure training, making certain a buyer relationship management system is in place and constructing a buyer centric culture all through the organization.
Remember additionally that the marketing mix is a dynamic entity and must be reviewed and refined periodically. It at all times helps to remain in contact with the most recent developments and current knowledgeable opinion should have what you’re on the lookout for in phrases of books and different resources.
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