Once you have chosen your audience and the competition, the next thing you have to do is to develop a marketing mix.
Every business needs its very own marketing mix to appeal to its clients. In this post, we will go over the marketing mix description, its significance, the elements of the marketing mix, and how to develop an effective marketing mix for your product or service.
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What's a "Marketing Mix?"
A marketing mix is a set of actions a business takes to make and market its product or service to its clients. It helps to make sure that you're able to offer your clients the right product, at the right time and at the right place for the right price.
The marketing mix was in 4 Ps of marketing. Currently, 3 further fresh tools have been added to the blend, making it the 7 Ps of marketing. Businesses use a mix of these marketing mix elements to cause the response they want from their audience.
The 4 Ps of the Marketing Mix
1. Product.
A product is a good(such as music players, shoes, etc.) or service( such as hotels, airlines,etc.) that's offered as an answer to satisfy the requirements of your client. When developing the product, you need to consider its life cycle and plan for different challenges that may arise during the development stages.
2. Prices
The next element of the marketing mix is the price your client is willing to pay for your product. This helps determine the profit you'll be able to induce. When setting a price for your product, consider how much you have spent on producing it, the price ranges of your challengers, and the perceived product value.
3. Placean
This is about the distribution centre of the product and the methods used in distributing it to the client. Wherever this is, it should be fluently accessible to the customer. However, make sure it's easy to navigate if you enjoy a website to request your product.
4. Promotion
Promotion refers to the ways a business uses to gain the attention of the clients to their product. These includes deals creations, customer service, public relations, advertising etc.
When creating your creation strategy, consider the tactics used by your challengers, the channels that are most effective in reaching your clients, and whether they match the perceived value of your product.
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