What is Marketing Mix Strategy
If you want to market your business and increase sales, you can utilize the marketing mix. This consists of the four P's which include the place, product, price, and promotion.
Since it is a mix, each P is dependent on the other. You will have to work out a solid marketing plan to ensure optimum sales.
What is Marketing Mix Strategy?
Marketing is an essential part of the business and it is often synonymous with sales. If you’re a business owner, you might have heard about the marketing mix strategy. There are many strategies used by business owners today but there is no guarantee that they can work for your business. Oftentimes, you will have to try out different techniques before you can find the right one. There is no ‘one best’ marketing strategy’ in the market since your choices will be affected by factors like the type of business, budget, and knowledge. When you decide to enter any kind of business, you need to possess relevant knowledge of the business industry so that you have a better chance to succeed.
As the word suggests, a marketing mix is a combination of the four P’s. This will include the place, product, price, and promotion. The mix should be suitable for your kind of business as well as your targeted market. You can start by determining the right place to sell your products or services. This is also called the location. You have to pick a place that offers ease of access. It’s best to lease out a store space in the busy streets of your city where there is lots of foot traffic.
The next P is product. What product/s are you planning to sell? No matter how great your product is, you won’t be able to sell it if you there is no need for such item. With thorough marketing research, you can identify the needs of your target market. To make money, you have to provide such needs by offering the right products or services. Pricing the products is another factor. Since you’re just starting out, it would be best to offer introductory pricing but after some time, you can now price your products based on the prevailing market prices in your area.
Before the products are launched, you can start with the promotions. There are many ways to endorse the business like emails, posters, flyers, social media, and advertising forms. You don’t have to use all of these methods since you will have a separate budget for promotions. Determine the ones that will work for your business and use them to promote your products or services to the targeted customers. With the right marketing mix, you will be able to ensure the success of your business. You have to work on your marketing plan with focus on these four P’s.
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