Introduction To The Traditional Marketing Mix Modeling
In today’s business it is very important to know the basics when it comes to targeting a market. The traditional marketing mix modeling is a basic practice used by marketers. This includes the 4P’s which are product, place, price and promotion. Being knowledgeable about these will help you much in the business. Nowadays where simplicity is not on the mainstream, it is better to understand that less is actually more in marketing. That is why it is compressed to the 4P’s of Marketing Mix Modeling.
A product can be goods or services. It is something you offer to your customers to meet their needs. These needs that have to be delivered can be specific and cover a certain market. One of the most popular strategies used these days is called product positioning. This will help your goods or services to be easily known by your customers. With the right amount of knowledge, the satisfaction from your consumers will be achieved. In addition to that, you can also design a product to meet and fulfill some special needs that others cannot. That way, you can build credibility and popularity in the market.
Basically, this will be the value of your product. This is also the amount a customer will pay or give up to obtain a desired good or service. Make sure that your declared value is fair enough to be purchased. In today’s marketing world, there are pricing strategies such as; everyday low prices, price-quality-value, and value added.
Convenience stores can be a perfect example of everyday low prices. Luxury brands are good examples of price-quality-value. They will make you pay a little more than usual but with an offer of having something better. Nowadays, value added is used by a big number of consumers. This covers a 60-day after sell service, elongated payment plans, no interest, trade in clauses and etc. A good price can help you select a target market you will offer your products, as well as straightening out the other aspects of your marketing mix modeling strategy.
A good venue or place is used to reach their buyer and consumers. In selecting a good location, you must make sure that there is traffic visible within the chosen area. Traffic means a huge volume of people who will see and notice your goods and services. You must always consider that if you are selling something, it is best to be accessible to your market. You have to make sure your products get right in front of your customers.
This way, they will always consider buying or patronizing it because it is within their reach. As a customer, you would always want to have what you need near you. So a good place is a traffic venue.
Promotion or marketing communications are tools you use to connect with your customers. Public relations can be a good choice because it is more personal to consumers. Example of this can be press conference and public launching. With this specific marketing mix modeling strategy, your consumers will easily recognize your products if you make sure they feel the presence of it.
Aside from that, you can also consider advertising and direct marketing. This includes commercials and other forms of advertisement such as in print or broadcast. Personal selling and sales promotion can also be considered effective because it gives the consumers an option to grab a special offer. These can be having a discounted price for a minimum purchase of products or incentives such as gift certificates.
In the advent of multimedia opportunities, marketing experts have expanded their communication to their target audience. Technology played its role by putting the playing field on a higher level. A huge number of consumers use online every day and with that, you can already reach a global audience within seconds.
Since the most important part of the business is selling, strategically choosing of your business model will depend on how well integrated the 4P’s will be in your daily tactics and strategies.