How to Study the Importance of a Marketing Mix

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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.

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