What you should know about marketing mix
If you are a new business owner or one who is looking to change the way you market your business then it is important to become educated about the marketing mix. The marketing mix is the components that will affect your marketing plan. By knowing what these factors are you will be able to design a marketing plan that better executes distributing your marketing message to your target market. Here is what you should know about marketing mix-
The market mix is made up of the 4P's. The 4P's are:
- Product-Obviously the first consideration is what your business sells. The reality is that you will market women's clothing a lot different then you would market tools. You need to consider not only what your business offers but why your target market will want to buy it. This will begin the formation of your marketing plan. Once you know how your product will be used by your customers (and why it will be used), then you can move on to developing other aspects of your marketing plan.
- Price-Many business owners tend to overlook this part of their marketing plan and consider price not that important. The reality is that if you don't price your product right the first time it will be hard to recoup the ensuing losses. Keep in mind that if you price your product to high you may drive your customers away but if you price it to low your customers may not feel that it has value which also has the effect of driving them away. You will also need to carefully consider your location since the price for the exact same product in different locations can vary widely.
- Place-This part of your marketing mix will be the place that your customers can buy your product. This is a component of your marketing mix that you will need to do market research for. You will need to have a clear understanding of where your target market likes to shop. For example-Some target markets you will need to sell online, while for other target markets you will need to set up a physical location where they can buy your product.
- Promotion-This part of the marketing mix refers to the methods you will use to market your product. Many business owners make the mistake of thinking that they have to be everywhere. They spend a great deal of money making sure that they have print and TV ads, are online, on the radio, and have mobile and text marketing. This is generally a waste of money and somewhat ineffective. Most businesses will not need to use every type of marketing in order to get their message out. With the right amount of market research you should be able to determine the best 2 or 3 marketing methods to use to reach your target market.
Now that you know the components of the marketing mix you can then move on to putting your marketing plan into place. There are other tools that will help you to do this. Ironically marketing experts also refer to them as the additional 3P's. The 3P's are:
- Personnel-These are the people who will be directly working on your marketing plan. This could be employees within your company or marketing experts that you have outsourced the work to.
- Physical Layout-This is the actual layout of the marketing methods for example-pictures, text, and copy.This component of marketing is the physical pieces that make up your entire marketing plan.
- Processes-This is the process that you have selected in order to distribute your marketing message to your customers.