Marketing mix is an useful tool for all bussinessmen/businesswomen and marketers. Each company needs its own marketing mix to adress the most customers as possible, to satisfy their needs and to increase sales. In this article, we will discuss definition of marketing mix, what are its advantages, what does it bring to your company and how to use it in practice.
What is marketing mix?
Marketing mix consits of 4 activities or tactics, which are used by companies for their products market launch. Typical marketing mix is made up of 4P, which are product, price, place and promotion.
PRODUCT
Category product means product or services which is meant to satisfy customers needs. For an effective launch of product on the market, it is important to define what diversifies your company from competition and how is your product viewed by consumer.
PRICE
Price should be set in accordance with the value perceived by consumers and also high enough to cover cost and maintain profit margins. When it comes to pricing it is important to take into account costs for research, development, production, marketing and distribution of products and services.
PLACE
By place we understand a physcial store, e-shop or other electronic platform where the product or services will be sold. When planning you should carefully evaluate the behaviour of potential customers and accordingly decide in which place they are most likely to buy your goods.
PROMOTION
Promotional activities include advertising, personal selling and public relations. Important is to choosing the right media to reach your target group. Promotional activity is increasingly taking place in digital environment, but for some industries it mayl still be beneficial to advertis through broadcast or print ads.
How can marketing mix help your company?
Marketing mix can save you time and money in several ways. Thank to it, you can design right marketing strategy and determine the suitability of the product for your target group. It helps to increase the effectivess of the use of promotional channels which are available for the company. It improves product lifecycle planning and maximizes customer satisfaction.
How to use marketing mix in practice?
Analyze product and service. Search for information and facts. Start answering the questions assigned to individual 4P marketing tools. Write down the answers.
Product
- What does the consumer expect from the product / service?
- What needs does the product / service satisfy?
- How and where will the customer use the product?
- Does the product / service include features that the consumer won’t use?
- How does the product differ from those of your competitors?
PRICE
- How does the customer perceive the value of the product?
- How much does it cost to produce and distribute the product?
- Is there a high consumer demand for your service / product on the market?
- What prices are your competitors charging for the same product / service?
- What type of discounts should you offer your customers?
Place
- Where does potentional buyers look for your product / service?
- Are they looking for your product in supermarket, boutique or rather in the online space?
- Which online platform is best for distributing your product / service?
- How can you access to selected distribution channels?
- What is your competitors tactics?
Promotion
- What will be your marketing “message”?
- How and when do you present it to the audience?
- Will you reach your audience through email marketing, social media, TV advertising or print?
- When is the best time to promote your product / service?
- How do your competitors deal with promotion?
Check that your answers are based on reliable information and facts. Continue to ask your own questions that are connected to your industry. Regularly review the marketing mix to adapt your product or service to the changing competitive environment.
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Founder of UPVISION Digital agency
