Companies naturally want to get their products and services out in front of as many prospective customers who are ready, willing and able to purchase as possible.
Traditionally, four Ps are associated with the marketing mix -- product, price, promotion and place. The marketing mix's importance lies in its ability to help a business determine the suitability of a product or service for a particular target consumer base.
Studying the marketing mix for your specific product or service starts by grasping the nuances of the four Ps. Product Product is the most basic building block. When you think of your business' product, the goal is to visualize what consumers need or want.
This can be tangible, something you physically sell, or it can be intangible, such as a service. No matter if the product is physical or intangible, it will have a lifecycle.
Like the lifecycle of an organism, the lifecycle of a product proceeds from its creation through to its growth and eventual decline as sales begin to fall or as consumers adopt new products. Businesses that are able to predict the lifecycle of a product can gain a competitive advantage by having new products or services ready for customers.
Price The price that a consumer is willing to pay for a product is of utmost importance to your business's marketing mix. Businesses need to make a profit, but that won't happen if the price of your product is more than customers are willing to pay.
The rule of thumb is to set the price so that is complements the other components of your marketing strategy. If your product is perceived as luxury, for instance, you can charge more.
However, if your product is geared toward a spend-thrifty consumer, it should be reflected in the price. Also important to keep in mind is the customers' view of the quality and value of your products.
Market research is therefore invaluable in helping to determine price. Promotion Promotion is the tenet of the marketing mix that most often springs to mind when people hear the word "marketing. It incorporates elements of advertising, public relations, sales and customer service.
Word-of-mouth and digital advertising are also essential components of promotion. Often, repeat clients come through the recommendation of friends and family and this is made easier with the ability to share information on social media networks.
As with price, promotion tactics should match the product's perceived quality and value. If you're selling a luxury car, for example, the advertisements should reflect the luxury element of the product.
Place The fourth element of the marketing mix, place, is also sometimes called "distribution. If you run a physical store or service center, it should be easy for customers to find and in a location that will attract business.
Online retailers must have recognizable web domains and easily navigable websites. Convenience for the consumers is the key.Through its initial launch in to a subsequent re launch in , the company focused closely on the marketing mix balance to help ensure that all elements of the product appeal to the target audience to achieve success.
Your marketing mix is the combination of elements that play a role in promoting and delivering your products and services to consumers or clients. In essence, it's about putting your product or service in the right place at the right time for the right price.
All the elements of the marketing mix are important, and it is equally important to make sure that there is a balance when focusing on marketing a product. It is pointless having a wonderful product, correctly priced and located in wonderful locations for sale, if there is no promotion to advertise the product.
Today brand is a bit more complex, and even more important in today’s world of marketing. It’s the perception that a consumer has when they hear or think of your company name, service, or product.
Home» Articles» How to achieve an effective promotional mix. How to achieve an effective promotional mix It is also worth highlighting that the promotional mix is not the marketing mix, it is merely a subset that focuses on communication and is made up of: Ultimately the balance of the mix depend on the target market, resource.
What Is the Importance of the Marketing Mix in the Development of a Marketing Strategy & Tactics? by M.T. Wroblewski; Updated April 20, Related Articles "Explanation of the Relationship Between Product, Price, Place and Promotion" The Disadvantages of Differentiated Marketing;.