Businesses need to make sure that they are marketing the right product to right person at the right price in the right place and at the right time. To make you better understand I have explain the marketing mix in a proper systematic process, that you can also follow.
Why Marketing Mix:
Defining product USP:
First Thing the businesses should define the USP, that the product has something unique that will benefits the customers. Look for the unique features that the product has to offer. It needs to be clearly understood what are the key features of the product are, that will help customer to buy the product. Make sure the customer should get value from the product. Take the time to describe the specific value and qualities of the product.
Know your Targeted customers:
Your target market consists of the people and businesses most likely to buy what you sell. Identifying your target market is one of the most crucial step, you need to take when you’re starting a business or launching new products and services. You can identify and target the customer depends on location, Gender, lifestyle, Income, location etc.
Understanding the Competition:
The market research will make you understand how the similar products are selling in the market. The prices and related benefits such as discounts, warranties and special offers need to be assessed. You should always aware about, what your competitors are doing different to promote their product or brand. Make sure your product should compete in the market; it shouldn’t be over priced or under-priced.
Identify the place:
Customers no longer have the patience to chase after you and your offering – if you don’t make it easy for them, they will find alternatives and will go elsewhere. So make sure your product has convenient location.
Based on the audience identified and the price points established, the marketing communication strategy can now be developed. Create a promotional strategy that features the product qualities as effectively as possible. Whatever promotional methods are finalized need to appeal to the intended customers and ensure that the key features and benefits of the product are clearly understood and highlighted.
MARKETING MIX EXAMPLE:
For Example ABC company manufacture pens and have decided to target school children’s it would be more appropriate to market
Colored ball point pens (product)
At a low price (price)
Selling them through stationers or online websites like Flipkart, EBay etc. (place)
And promoting them through point of sales material (promotion)
If it would be gold fountain pen (Product)
At high price including insurance against loss (Price)
Selling them through special outlets and jewelry stores (place)
And promoting them in glossy magazines, Exhibitions, Special edition supplements etc. (promotion)
Through its successful use of a balanced marketing mix, the above company has managed to create a clear position in the market. It addresses a need felt by a specific niche segment. This ensures that the brand message reaches the right people at the right time in the right way.
As we see from the above example, it is vital for any company to focus equally on all elements of the marketing mix while planning for a product. Eventually, there may be a need to divert more resources towards one variable such as strong distribution channels over promotional activities.
What do you think?
SEE ALSO: Importance of Marketing Mix!!