The ‘Marketing Mix’ is a business strategy that is used by marketers to enhance the effectiveness of their marketing efforts. It enables them to target their efforts in a specific way that guarantees definite success. Implementing this strategy has proven to result in high profits for many companies. The following information will give you a basic idea about this beneficial marketing concept.
The product must be the main concern for any marketing department. Without this, there is nothing for you to market to the audience. You need to decide the quality of your product by measuring various factors. First of all, you need to identify the demand for your product. Is it original and unique or is it commonly available in the market? Does the product address the needs of the customer? Is it flexible for all types of customers? These are some questions that you need to figure out. When developing or altering the product, you need to mainly focus on the target audience and make the changes accordingly. Doing so will enable you to achieve high levels of consumer satisfaction.
Apart from the quality of the product, the price is the only important factor that influences the consumer’s decision. Research is paramount when it comes to the price since you need to ensure that it is suitable for the target market. Consider the prices of similar products in the market. This will enable you to settle for a reasonable price. It is important to choose the right amount since it can have a profound impact on your profit. There are many basic pricing strategies that you can use to make this decision. These include neutral pricing, market penetration pricing and market skimming pricing. These all must be taken into consideration when fixing the price for your product.
This refers to every effort taken to inform the consumer about the existence and benefits of the product or service. Product promotion is currently done is some many ways. The most common methods of promotion include word of mouth, advertising, public relations and personal sales. After the developments in technology, social networking has also become a famous promotion tool in many organizations. When using these methods, it is important to use a tool that suits your budget as well as your target market.
It is important to understand that marketing cannot be achieved through any of these single factors since all three are dependent on each other. You can also consider using the extended marketing mix which consists of additional influential factors such as place, people, process and physical evidence.