Understanding and developing your Marketing Mix

Many people think that Marketing, Promotion and Advertising are the same thing. In actual fact they all quite different.

Developing and understanding a precise Marketing Mix, one that matches the needs and desires of your target market is essential to the long term growth and sustainability of your business.

You may have heard of the ā€œ4 Pā€™sā€ before. Product, Price, Place and Promotion. Each one of these elements of the Marketing Mix are individual aspects of a successful business, that need to be understood and developed.

Many businesses simply think about the product / service they have as their market offering. But in reality there are many other factors that combine to make that product / service appealing to their customers and to give them a competitive advantage over their competition.

Remember, the Marketing Mix may be different to reach specific target markets, even for the same or similar product offering.

Below are some of the things that you need to consider when developing your Marketing Mix.

Product / Service

  • Define what your customer wants from your product / service
  • How does your product / service meet the needs and expectations of the customer
  • How is your product / service different from your competitors offering
  • Understanding the Product Lifecycle of your Product / Service

Price

  • What is the value of the product / service to the buyer
  • Are there established price points for existing products / services in the market
  • Is the customer price sensitive
  • What discounts should be offered to trade customers
  • How will your price compare to your customers

Place / Distribution

  • Where do buyers look for your product / service
  • What distribution channels do your competitors use
  • Do you need to use a sales team
  • Do you manage your own distribution or use a third party

Promotion

  • What methods are you using to communicate with your customers
  • What is the best advertising method to reach your target market
  • Is your product / service seasonal, will this impact on your promotion / advertising programme
  • What promotional methods do your competitors use
  • What is your promotional budget and how do you set this
  • How will you measure the effectiveness of your promotional activities

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