Mar
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Marketing Mix

A-Z of Marketing: Marketing Mix

March 6, 2015 8:08 am Published by Comments Off on A-Z of Marketing: Marketing Mix

When a business wants to market products and services it’s important to consider several different aspects that will help you to make it a success. These aspects include marketing the right product, in the right place, at the right price, and in the right way. Should your product be marketed online, offline or both? Does your price match or beat other competitors? Is your marketing campaign something that your customers will take notice of? These are all vital questions that should be asked before you can even begin to think about launching your first marketing campaign.

A great method of getting the answers to some of these questions is to take yourself through the Marketing Mix, as detailed below. This will help you to clarify information about various key aspects of your products and services.

Product

Your product needs to stand out. There’s no good in marketing the same product as a competing company in the exact same way. You need to know what makes your product better than the rest and why your customers should buy from you, make sure that you have identified your areas of differentiation. Anticipate their questions and have your answers ready and waiting so they can see that they’re buying from someone who knows their products and services inside out.

Price

If only a few people buy your product because they feel it’s unfairly priced, you aren’t going to make a profit. Your product will have to sell in bulk for you to see ROI so make sure the price is appealing without making you bankrupt. What do your customers value your product at? Before you price your product it’s a good idea to research what your consumers opinions are about pricing. In the same way, you need to know what your customers are willing to pay as well as what is fair. For example, someone in the desert is likely to pay more for water than someone in the UK.

Place

Considering where to sell your products and services is a big part of the marketing mix. Will you sell directly to customers or have a retailer do it for you? You need to go where your customers will be and sometimes that takes a fair bit of consideration. The most important thing to do is make your products and services available to the right people at the right time and when you know who and when that is, the where will follow.

Promotion

No matter how you choose to sell your products and services, you will always have to promote them. In order to promote them well, you need to know the audience that you’re promoting to. Using online and offline promotion will be important but both need to engage the audience in communication and encourage them to follow your call to action. Your promotion will tell your audience about the product, why they should buy it, and why it’s better than other similar products. Sending out messages should see a return on your investment and if you don’t, you may need to re-think your marketing mix.

The marketing mix is called just that for a reason. It takes the combination of different elements of marketing to make a business a success. From product to distribution, merchandising and promotion, it all matters. Don’t let one area slack in favour of others or you may find yourself losing out to the competition.

If you need help with marketing your products and services, from website design, to content marketing and copywritng, we can help. Contact the team at Ketchup today on 0330 088 9277, or complete the online enquiry form.

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