The Marketing Mix is a concept of developing and executing an effective marketing strategy. The term “Concept of the Marketing Mix” coined by Neil Borden in 1964. Marketing is a “mixture of ingredients” – termed by James Culliton, professor of Harvard University. After James’s reference, sir Bordan detailed this ingredient into 4p’s of Marketing.
Four P’s are- Product | Price | Placement | and Promotion. These p’s are the basic element or the primary concepts of marketing. Ultimately, this element’s mix help to develop a strategy for a Business.
Essence of Marketing Mix
A successful Business is not only about the no of products you sold. It’s all about your product’s success. The purpose of marketing is to make the prospective customer aware of your product.
The key factor forces the marketer to refine the focus of the audience they hope to reach with their advertisement. A strategy helps an organization make strategic decisions. Especially, when launching new products or revising their existing products. Through the use of this tool, the attempt is to satisfy both the customer and the seller.
Key Features of Marketing Mix
The top features of Marketing Mix are stated bellow
- First, the marketing mix is made up of four unique variables. They are interdependent and co-related. They need to put in a single phase for executing the entire marketing strategy.
- Second, the marketing mix is a fluid and flexible concept. That focus on any one variable may be increased or decreased given unique marketing conditions and customer requirements.
- Using these elements, a company can achieve any marketing targets. Their objectives such as profits, sales, customer retention can also be gained.
- To get the best out of matrix mix, it’s always good to track your trends and market trends. Matrix mix strategy does give you that versatile nature, with that you can achieve your objectives very easily
Developing Marketing Mix Strategy
The definition and the concept is something that is easy to understand. But when it comes to implementing things that you have learned, we all stuck!
Moreover, the marketing managers have felt that the traditional marketing mix has its limitations. whereas digital marketing has an endless structure. Marketing is a lot easier in this digital era. It has no limitations.
Step By Step Guide to Marketing Mix Strategy
#Step No 1
#Step No 2
Know Your Consumer
The second step is to understand your consumer. Who are my consumers? what do they need? If you do not define this properly then it is likely to lose your position in the market place. Marketing mix will ensure that you are offering the right product to targeted people.
#Step No 3
Determine the Cost
The price you are offering to your consumer is something that will effect the entire market. It can pull you up. Or it can push you down the market.
Make sure you are offering the right product to the right consumer at the right price. Do check your competitors market price and offerings. You should have a clear thought about your pricing.
#Step No 4
Promoting your Business is the ultimate success key for any business. Many of the entrepreneurs lack in promoting their business. They do follow the strategic business implementations but without promotion, you can not grow.
Where the customers are more likely to make a buy? A product should be served in a niche market. In a vegetable market, you can not sell an electronic item- that doesn’t make any sense!
And the same way you can not make your business successful or create a brand awareness without promotion.
Choosing an online platform is the best option to opt for placement issues as well as for promotion. Still, you have to aware of the market place to get the best result of the Marketing mix strategy.
Read How to use Social Media For Business Promotions.
#Last but not the least
Engaging A Marketing Manager
It is always not possible to maintain and analyze your marketing strategies. It is better to have a master mind to get the best out of it. At the top of your Business strategy, there should be a qualified marketing manager. He should be able to manipulate all the variables and forces to achieve the desired result in a marketing mix.
Always remember that the customer is the most important part of any marketing. The overall value of a good marketing strategy is determined by the proposed action taken by the marketer. Therefore, the goal is to put the marketing mix variables in right place in the right way.
Reassessing the customer’s needs, communicating frequently, and developing strategies to build customer loyalty are tasks within the consumer-centric marketing strategy.