As a business owner or business manager, it’s important to study and incorporate a good “marketing mix” into your marketing scheme. Learn how a good marketing mix can help your company target the right consumer groups and reach organizational objectives more easily. You will need to study the basic components of a marketing mix before phasing it into a marketing strategy.
Understand that the term “marketing mix” is made up of four components, each differentiated by the letter “p": product, price, promotion, and place of distribution. This process combines these four factors into a company’s marketing strategies.
Produce products or services that address the existing consumer reality. For example, if your targeted consumer group expects products that offer affordability, produce multi-function products with a variety of features.
Set competitive price points. In order to address the price component, develop a pricing strategy that creates new customers and increases profitability. Research competitor pricing strategies and look for averages in the market.
Promote your products or services. Include a good mix of promotion, such as advertising, selling, public relations and sales promotions. Favor airplay and direct marketing activities that reach your targeted consumer group on a regular basis. Infrequency can render any marketing campaign ineffectual and fail to increase consumer awareness.
Get your products or services to your targeted consumer group. Common modes of distribution include the Internet, an on-site facility or even your home. Make the most of available space and resources to maximize the space you have location and cut distribution costs.