Does your company have a proper Marketing Mix?
Marketing mix is a broad concept which includes several aspects of marketing which are related to creating awareness and customer loyalty. The term is often summarized as referring to the “four P’s”: price, promotion, product, and placement. This definition is provided by Wikipedia. When these are effectively blended, they form a marketing program that provides want-satisfying goods and services for the market that the company is in.
In 1993 the four P designation in relation to Marketing Mix was changed to the four C classification. Consumer, Cost, Communication, Convenience. Either way you classify it you have to have a product that people want, a competitive price, a way and a place to promote your product.
Having a marketing mix within the promotion or communication area will be of great benefit for the company. Utilizing all of the various means of communication would be ideal. Some times this is not possible so you will have to analyze each of these and adjust where to use your promotional budget the best. With technology becoming what it is, some types of media may not be as effective as they used to be. So having the proper marketing mix in this area will be important to the success of the company. But do not dismiss any of the promotional venues available to you. They all have benefits that can help your company succeed.
Making it easy for customers to find you and having a message that will attract them to your product or service is an important aspect of your marketing mix. You could have the greatest product the world has ever seen but if nobody knows about it your product or service will not see success. The message in your promotion should be one that attracts the customer based on fulfilling their needs.
The price of your product in the Marketing Mix will also have an effect on your success. If your price is too high, no one will buy it. If it is too low people may think that it is not a very good product or service. So do some investigating and find out what is being charged for a similar product or service. If your product or service is brand new you have the advantage of setting your own price. But that may need to be adjusted in your Marketing Mix to meet the needs of your target market.
All of the aspects of the Marketing Mix are important. The key is to find the balance that best fits what your customers needs are and provide them with the best customer service that you possibly can. By finding and maintaining that balance you will ensure that you will have loyal repeat customers and a successful business.
To the success of your company!
The Paragon Marketing Solutions Team
