The Marketing Mix
The words the marketing mix emerged in popularity after Neil H. Borden’s article, discussing the concepts of marketing, was published in 1946. Eventually, what originally was a complex concept, which required focus in areas such as display, packaging, and product selling, was broken down into fewer and much simpler elements. Nonetheless, the winning combination remains the same. As prominent marketers would agree, successful marketing doesn’t just happen. Making sure you market strategically is integral in success.
Understanding the Definition of the Mix
The marketing mix is a tool describing the actions every marketer takes when introducing a brand. As it follows, a market manager can control certain factors. The concept is to make decisions that can manipulate the market into generating positive results. Contrary to different claims implying no general marketing strategy exists, understanding the mix, together with the correct implementation, increases the odds for successful marketing.
The 4Ps in Marketing
The 4Ps in the marketing mix are: product, place, price, and promotion. With this in mind, a marketer needs to concentrate more on certain aspects of a brand and on how the target market will respond to each one. As marketing geniuses suggest, upon addressing essential concerns, a brand’s launch will be highly successful.
Successful marketing requires you to be familiar with your product before customers. Know more about product features, product appearance (size and color), and the needs it can meet. More importantly, find out what is its purpose.
- Brand vs. competitors’ brand
- Customer satisfaction
- Product vs. competitors’ product
- The impact of brand’s name
The place where the product can be obtained by customers is important since it’s a vital factor that increases or decreases sales. Should they have difficulty accessing the location, distribution will be affected.
- Access to right distribution channels
- Types of stores (e.g. boutique, catalogue company, online shop, supermarket)
Should he be sensitive to the impact of his product’s price, rather than simply focus on profitability, a marketer will likely succeed. For what it’s worth, is his product’s cost reasonable?
- Established price points
- Price vs. competitors’ price
- Product value
- Proposed discounts
According to the concept of the mix for marketers, a first-rate product may not be successful if the target market doesn’t receive it well. A technique is coming up with an impressive introduction.
- Advertising medium (e.g. newspaper and magazines, TV)
- Place and timing of a brand’s launch
- Promotional activity vs. competitors’ promotional activity
With correct implementation, the mix for marketing success can be instrumental upon product introduction. Prior to using the 4Ps and determining a mix, it’s best to begin by identifying a product niche. Once a strong marketing mix is in place, evaluate the impact from a customer’s standpoint. Ask questions along the lines of “Will my target market benefit from my product?” Be realistic by considering all possibilities. Only until satisfied from an outsider’s perspective should you proceed with the launch. Afterward, despite of its success, regular assessment of the mix is necessary since some elements are subject to change.