Wednesday, June 24, 2015
The Marketing Mix: Why It's Essential for Your Company to Follow It
Attracting new customers through marketing is the main goal of any growing business. Successful marketing actions are the lifeblood of a thriving business or service. Marketing enables companies to get the word out about their product or service offerings. By using the marketing mix, companies can exceed their goals.
effective marketing is a simple concept. Create a desired or necessary product. Place it in a marketplace that has heavy traffic. Select a price that matches the value of the product. Offer the product at the right time. The sales and profits will start to roll in. Not exactly.
The Marketing Mix
In order to maximize your marketing outcomes, it is essential for your company to use the marketing mix. When applying the marketing mix to selling your products, you take strategic actions to promote your products or services. These actions are based on price, promotion, product and place.
Although the marketing mix is a lot like being in the right place at the right time, it is not a haphazard event. It takes intentional planning and decision-making in order to effectively bring a product to the marketplace. The following are examples of matters that must be considered when applying the marketing matrix to price, place, product and promotion.
• A customer's wants and needs.
• The ability of the product to meet the customer's needs.
• The manner in which the customers will use the product.
• The product's potential profitability.
• The product's name and branding.
• Similar products of competitors.
• The types of stores in which the product will be sold.
• The names of different stores in which the product will be sold.
• The places and types of stores competitors market their products.
• The market value of the product or service.
• The current price points of existing products that are similar.
• The comparison of a similar product's price points.
• The marketing message and promotion avenues.
• The most advantageous channels and times to market.
• The manner in which the competition promotes their products.
Successful marketing is not based on events that occur in isolation. Applying the marketing mix to your business strategy is the building block that gives your company a greater advantage in the marketplace.
Jonah Engler is a financial expert with a background in marketing and real estate.