Marketing mix is a very essential tool that is used in marketing of goods and services. Quite often, the tool is used to define the brand or uniqueness of a particular product in order to distinguish it from those of other potential competitors in the market. Needless to say, marketing mix comprises of four components that are generally known as the 4Ps. The company will consider the 4Ps that include product, price, promotion and place. These components will be discussed in detail in this aerticle in order to illustrate how they are useful in marketing plan of the company.
If one of them is wrong the other loose their importance and value. Let’s say you know what you are selling, but you don’t know whom you’re selling it to, then you wouldn’t know how to promote and price it and where to sell it. Here is another possible scenario, you have a product, you know your customer segments, you know your price but you can’t get the place right. All your promotion efforts, pricing strategies and extremely attractive products will be of no value if no one comes. So developing marketing mix for the company can first of all help understand current mistakes and can improve business in the future. No matter what you sell or offer you need to need to define your marketing mix. Marketing mix has been around for as long as trade exits, which is for ages. The only difference is that today everything is well defined and keeps developing even further. To get to the point, marketing mix is a business tool used for successful marketing of the products. This tool is often critical when defining the product or the unique advertising point, customer cluster and pricing strategy. Defining one’s marketing mix gives you a standing chance at a fair game at the current product market. Anyone can do without thinking through the marketing mix, however, there is no doubt that anyone would benefit from well developed 4Ps.
The 4P’s of Marketing:-
The businesses deal with goods produced from already used raw materials for the sake of making profit. To emphasize on this, the products in the company entail recycled goods which we obtain from disposed raw materials as well as donations from well wishers.
The company is in a position of expanding its product mix by increasing production depending on the amount of resources available for use. The company focuses on the following aspects considering product factor in mind:
- Features of products and services produced are of high quality in order to ensure that it remains unique from those of other competitors.
- In order to ensure that the company’s products remain competitive, the company needs to rebrand the products as a strategy of making sure that they look different from the original ones. This will be executed by making use of a different brand name, improving the quality of our products as well as the mode of packaging. This will make the product appealing to customers and this will be an integral feature of marketing that cannot be ignored since customers tend to be physically impressed before they end up buying a particular product.
- It is also notable that creating new labels, name and design will enhance easier identification of the company’s products by customers. In line with this, production method and delivery of services are crucial factor that will be considered.
- For instance, businessmen should employ production methods that are cost effective while maintaining the quality of goods and services offered to customers. This company will employ high quality and improved technical methods of production to ensure that the goods produced effectively meet the overall needs of the target market as well as individual tastes and preferences of customers just like new ones would do.
This will involve efforts made to ensure that the products offered are capable of reaching the target consumers in the most effective and convenient way. In this case, the concept of “place” is synonymous to distribution of goods and services whereby various strategies are used to ensure that consumers access the products. In this context, the company will establish numerous locations within the marketing sites in order to ensure that customers can buy the goods in the most comfortable way. That notwithstanding, the company will also exercise intensive, selective and exclusive distribution of products to consumers.
In order to achieve this strategy, the company needs to establish various stores within the marketing zones in the sense that the suppliers will be able to collect and distribute goods to customers within the shortest time possible. Some of the notable distribution channels that will be used include producers, wholesalers and retailers. It is important to mention that in most cases, physical distribution of products depends on variety of factors such as availability of transport facilities and the cost of transportation. Since distributing products using trucks might be expensive at the start of the business, the company will rely on wholesalers who will collect products, supply the same to retailers and finally consumers.
Price is a relatively simple concept and understandable pretty much for everyone, it is the amount of money that customer pays for the certain product. First of all, pricing is important as it defines the profit company receives, hence survival and success of the company. Adjustment of the price has a tremendous effect on the marketing strategy and consequently buyers behavior , therefore, depending on the price elasticity of the offered product it will often affect sales as well as demand. When setting the price marketing specialist should always see if it compliments other elements of the marketing mix.
When pricing the product, one should be aware of the perceived value of the product by the customer. Another important aspect that needs to be addressed when setting the price is reference value, that’s when consumer of the product compares the prices of competing products. Differential value is when the customer puts in the contrast it’s view of your offered product versus attributes of other similar products. The most basic commonly used pricing strategies are: market penetration pricing, market skimming pricing and neutral pricing.
This is a broad concept that comprises of numerous elements such as posters, billboards, media advertisement, personal selling, direct mails and sales promotion. The company will use variety of the aforementioned promotional strategies in addition to personal selling, advertising, social media, radio, television, website and telemarketing. Personal selling will mostly entail the use of suppliers, wholesalers and retailers to reach out for customers. These groups will act as intermediaries through which information flow between customers and the company will be largely enhanced. We also anticipate increasing our volume of sales through sales promotion. This will comprise of offers such as discounts, use of coupons, trade shows, sweepstakes and contestants.
Finally, the company will organise seminars and conferences that will enable members of staff to establish positive and well sustained public relations with customers. This will help them to make appropriate decisions on how to use its products. Notably, using word of mouth will help to create awareness to ordinary customers on the possible benefits of purchasing our products. It will also provide a forum where we will identify consumers’ attitude, values, perspectives, needs and beliefs. The latter will equally be instrumental in selective production of goods that are of high quality and meet the cultural and ethical demands of customers. Finally, temporary promotions to some extent will aid in attracting new customers.