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Marketers need a marketing mix known as 4ps that helps build the whole marketing plan. Marketing mix important tool in developing and implementing a successful marketing strategy. 4Ps are ;
Product
Price
Place
Promotion
Let’s deep into this…
What is Marketing Mix?
Marketing mix refers to various elements of your company’s offerings in the market. Typically, it acts as a framework for breaking down the four key components of marketing — product, price, place, and promotion. Marketing helps companies create their marketing program for more process-driven and impactful marketing campaigns.
Marketing Mix Elements
The 4Ps tell what marketers can control and are the most critical elements when building your marketing strategy. The core elements of the marketing mix provide a perfect approach to marketing strategy.
Product
Product refers to what your business is selling – product(s), service(s), or both. Product is concerned with developing the right product or service for your target market. Your product or service must satisfy a specific consumer need.
Prove out the product element of the marketing mix means doing extensive research and development, defining the need for the product, developing a product launch plan and timeline, and educating customers and employees – especially salespeople – on the product's purpose.
Price
Price refers to the price point at which you'll sell your product(s)/service(s) to consumers. When setting a price for your product, you must consider competition in your target marketplace, and the cost of the total marketing mix. Also, estimate customers’ reactions to possible product prices.
Price speaks to positioning in the market, the speed at which you want to penetrate your market, and your company's revenue goals and profit margin.
Place
In the marketing mix, place refers to where your product or service will be sold. This will include physical locations such as your store or a retailer where your product will be resold for tangible products.
Placement decisions, such as accessing the right distribution channels, should take into consideration where customers would expect to find a product or service like yours.
Part of the placement decision is also the layout of your store or shop. It should pull customers into your shop, making it easy for them to locate merchandise.
It can also include the other methods where your products can be purchased, like online or over the phone.
Promotion
This is about telling your target market about your product or service. It involves direct communication between sellers and potential customers. Promotional activities are those that make your target market aware and excited about what you're selling.
While this does include paid initiatives like commercials and advertising, the promotion also entails organic initiatives like word-of-mouth marketing, content marketing, and public relations.
Conclusion
A marketing mix is an essential tool in building and implementing an effective marketing strategy. It should be used to show prospects why your product or service is different and better than your competitors.
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