Quite simply, marketing is all about putting the best product in the best place, in the right cost, in the proper time.
It’s that easy? Well, less than.
We lately defined the marketing concept and revealed that a company have to get methods to uncover unfulfilled customer needs and produce to promote items that satisfy individuals needs.
Following on from this is actually the continuous procedure for identifying customers’ needs through analysis of internal and exterior influences, marketing research, setting objectives, and developing the marketing mix. This really is known as the marketing mix.
In the centre from the marketing process may be the 4P marketing mix that really help define the marketing elements for effectively positioning your market offer. This combination should contain:
The best product
Offered in the right cost
In the best place
While using most appropriate mixture of promotion.
The marketing mix is really a helpful, if your bit general, guideline for comprehending the fundamentals of why is a good advertising campaign.
Let us briefly take a look at some questions you may ask when defining your 4P marketing mix:
Do you know the product or service’s features?
What need/s will it satisfy?
Which side customers think it is?
Exactly what does it seem like? (i.e. size, shape, colour, packaging)
How’s it branded? What’s its name?
What differentiates it in the competitors?
What’s the value towards the buyer? Are customers cost sensitive?
Exist old cost points on the market?
How can your cost rival competitors?
Where do buyers discover the product? (i.e. online, supermarket, mall)
What’s the right distribution mix?
Do you want an immediate sales pressure?
What’s the plan for marketing and advertising?
How would you achieve your audience? (i.e. advertising on television, radio or press, billboards, product launches, sponsorships and occasions, internet, social networking
When is the greatest time for you to promote? What are the holidays or seasons that influence the option of marketing activity?
Exactly what do the competitors do in order to advertise their products? So how exactly does that influence your activities?
So this is the marketing process the bottom line is. It most likely wasn’t as easy as you first of all thought, could it have been?
Bear in mind that detailed probing and questioning of the marketing mix will have to occur to optimise success.
You will have to revisit it regularly as some elements will have to change because the product and it is market grow, mature, and adapt within an ever altering competitive atmosphere.