What is the ‘Marketing Mix?’
If you are new to marketing or thinking about learning more about it to benefit your business, then read on. What is the definition of the Marketing Mix? The Marketing Mix is the combination of tactics or actions that a business uses to market its product or brand. A typical marketing mix is made up of the 4Ps which include Product, Price, Promotion, and Place. Today, however, the marketing mix includes other Ps such as Packaging, Positioning and People, or even Politics.
What are the four Ps of Marketing?
Price is the price that a product will be sold for. The price depends on the cost of production, the segment targeted, market ability to pay, and many other factors. Pricing strategies can vary and each one is tied to a business plan. Pricing can be used to distinguish and enhance a product’s image and thus is an essential part of a marketing strategy. Learn more about the benefits of working with a Brand Strategy Agency by visiting a site like www.reallyhelpfulmarketing.co.uk/specialist-services/brand-strategy-agency/
Product is the actual item being sold. If the product doesn’t perform to a certain standard, then all the work done on other aspects of the marketing mix will be useless.
Place is the point of purchase. A good distribution strategy or ‘placement’ is the key to attracting the attention of consumers and making them buy the product. Retailers are willing to pay more for the best location. Location, location, and more location is the mantra for a successful retail business.
Promotion This refers to all activities undertaken to make a product or service known to users and the trade. Advertising, word-of-mouth, press reports and incentives can be included. This can include direct marketing, consumer schemes, contests, and prizes.
How important is the marketing mix to your business?
All elements of the mix have an impact on each other. When they are handled correctly, these elements can be a great asset to a business. If they are not handled correctly, it could take the company years to recover. Marketing mix requires a great deal of research, consultation and understanding with many people from the users, to traders, to manufacturers and others. This is the reason why many business leaders choose to work with marketing experts who can get the marketing mix right the first time.
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