Once you've identified your target audience and your competition, the next thing on your to-do list is to develop your marketing mix. Every business needs a very unique marketing mix to attract its customers. In this article, let's learn about the marketing mix definition, its importance, the elements of the marketing mix, and how to develop an effective marketing mix for a product or service. your.
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1. What is Marketing Mix?
What is Marketing Mix?
Marketing Mix is a set of actions a business takes to build and market its products or services to customers. It helps ensure that you can provide your customers with the right product, at the right time and in the right place, at the right price.
While traditionally the Marketing Mix was done through 4 Ps marketing, today 3 other additional tools have been added to the mix, making it 7 Ps marketing. Businesses use a combination of these marketing mix elements to create the response they want from their audience.
2. Importance of Marketing Mix
There are several benefits of the Marketing Mix that make it important for businesses:
Importance of Marketing Mix
Help understand what your product or service can offer your customers.
Help plan a successful product offering.
Help plan, develop and execute effective marketing strategies.
Helping businesses take advantage of their strengths and avoid unnecessary costs.
Help proactively face risks.
Help determine if your product or service is right for your customers.
Helps identify and understand customer requirements.
Help learn when and how to promote your products or services to customers
3. Elements of Marketing Mix
Developing the right marketing mix for your product or service begins with understanding the Ps of Marketing.
4 Ps of Marketing Mix
4 Ps of Marketing Mix
Product: A product is a commodity (such as a music player, footwear, etc.) or a service (such as a hotel, airline, etc.) that is offered as a solution to satisfy a need. your customer. When developing a product, you need to consider its life cycle and plan for the various challenges that may arise in its stages. Once the product reaches its final stage (the sales slump phase), it's time to reinvent the item to win back customer demand.
Price: The next element of the Marketing Mix is the price customers are willing to pay for your product. This helps determine the profit you will be able to generate. When setting a price for your product, consider how much you spent producing it, the price range of your competitors, and the perceived product value.
Location: This is about the distribution center of the product and the methods used to deliver it to customers. Wherever it is, it should be easily accessible to customers. For example, if you have a physical store, it should be located in a place where customers can easily find it. If you own a website to market your products, make sure it is easily navigable.
Promotion: Promotion refers to the methods businesses use to attract customers' attention to their products. These include sales promotions, customer service, public relations, advertising, and more. When creating a promotional strategy, consider the tactics used by your competitors, the channels that are most effective in terms of sales. reach your customers and whether they align with the perceived value of your product.
7 Ps of Marketing Mix
7 Ps of Marketing Mix
The 7 Ps of marketing mix is an expanded, modified version of the 4 Ps of marketing. This model is widely used in the service industry. It adds 3 more elements to the 4 Ps discussed above.
People: This refers to people - both your customers and employees - who are directly involved with the product or service. While you need to research your target market to understand if they are in need of the type of product you are offering, you need to hire the right people who are capable of devoting themselves to building it.
Process: Systems and processes play an important role in building and delivering quality service to your customers. Ensure that your process is free of bottlenecks and bottlenecks to reduce unnecessary costs associated with service performance. You can use process maps to map the steps of your process and analyze them to identify where you need improvement.
Physical evidence: Physical evidence refers to what customers see when consuming your product or service. This is possible
including your brand, packaging, physical environment where you are selling your product, etc. Ensure that all physical aspects related to your product or service adhere to its values. .
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4. How to Develop a Marketing Mix
How to develop a Marketing Mix
Define your goals and set a budget: Developing an effective marketing mix starts with setting the right goals. Establish what you want to achieve with your marketing plan; Is it to increase sales? Get more customers? Building brand awareness? Once you've set realistic and measurable goals, determine how much you're willing to spend to achieve your goals.
Research your target audience: To build a product or service that your customers want to buy, you need to know who they are. Find different segments of your target audience and create separate customer profiles for each.
Define your unique selling proposition: Clarify what your unique selling proposition is through customer surveys, interviews, focus groups, etc. What your product or service will bring to your customers and how you will be better than anyone else at solving their problems.
Understand your competition: Perform a competitor analysis to understand the different strategies and tactics your competitors use. This knowledge will be especially helpful when you are creating your pricing strategy.
Identify your product's unique features: List your product's unique qualities and values. You can build on these as you market it to your customers.
Create a pricing strategy: Using the competitor research you've done, develop a pricing strategy. Make sure you don't overpriced or underpriced your product.
Choose your distribution channels & advertising methods: Choose the channels you will deliver your products to based on your product or service type and target customers. And choose the promotional techniques you want to choose based on your budget, as well as your customers and products.
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