Importance of marketing mix in business planning
If a product is priced too high or too low, the product — and brand — could fail. Who your market is will determine what tactics you should employ in your marketing mix. Ask Place Questions The internet has transformed how people shop for products. The methods he uses to entice those people constitute his tactics.
But this doesn't necessarily mean your product should be marketed to the masses.
Step 6: Cross-check of the Marketing Mix A step back needs to be taken at this point to see how all the elements identified and planned for relate to each other. If a business wants to grow and reach a broader audience with its products and services, it will have to take some kind of action to help that audience find it.
Price: How much the product costs the customer or client.
Importance of marketing mix pdf
Help Achieve Marketing Targets Through the use of this set of variables, the company can achieve its marketing targets such as sales, profits, and customer retention and satisfaction. Through the use of this tool, the attempt is to satisfy both the customer and the seller. On the other hand, if the product serves a niche market then it may make good business sense to concentrate distribution to a specific area or channel. A low price ensures that more customers will buy the product, but the price also needs to recover any costs to make the product and ensuring the profit margin and survival of the business. By Laura Lake Updated December 03, A marketing mix is a term that created by the American Marketing Association back in the s to explain how marketers make important decisions regarding how they execute a successful marketing plan. Are they using desktops or mobile devices? Who is the customer? What do they need? It is the actual distribution center. Flexible Concept The marketing mix is a fluid and flexible concept and the focus on any one variable may be increased or decreased given unique marketing conditions and customer requirements. Promoting your product could be a full-time job, and to do it right, you should ask: Which venues -- paid and free -- are best suited to your product? What type of venues could extend the reach of your product? Marketing, through digital means or otherwise, is about putting the right product, in the right place, at the right price, at the right time, in front of the customer.
When thinking of a business development plan, marketing mix is an important model to help you create the right marketing strategy. Pricing strategy is an art and a science, in that it involves both market data and careful calculations, as well as skillfully balancing between pricing that is too high or too low, and understanding how skewing either way might damage the brand.
This video shows how you can create value by using the marketing mix. By continuing to focus on the 4 Ps and how to use them within the framework of the digital age, marketers can be successful no matter the circumstances.
Together, elements in these four categories help develop marketing strategies and tactics. Tactics can also be more fun to implement; there is no doubt that tactics create the feeling that something positive is being accomplished.
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