A widely-used marketing tool, marketing mix refers to a particular set of activities that require organizations to put the right product/service, at the right place, at the right price, at the right time. If it sounds easy to you, you are reading the right article.
Concept of 4 P Marketing Mix
If we go by the definition, marketing mix is a crucial tool to help understand organizations what products/ services they can offer and how to plan for successful product placement. In other words, organizations selling products or services need to know if they are equipped to position and distribute the products/ services which is accessible by the target customers using convenient methods.
While these do not help in getting the full picture of what Marketing mix is, the following section explaining the four pillars of the marketing mix will throw some light on the fundamentals.
The first “P” to consider in the marketing communications mix formula is the price. It’s important for organizations to consider the cost of the product, the value of the product t the customer, and if current pricing will keep up the brand than the competitors.
So many studies across the globe have pointed out that pricing strategies impact the target customers directly. Too low or too high a price is vulnerable and impacts of building trusts. In any business, it’s essential to be flexible regarding pricing. If you’re noticing resistance in your sales, marketing, or maybe branding strategy, it’d be time to reconsider your pricing solutions. All companies need to be able to revise their prices, when necessary, to stay competitive in a saturated marketplace.says John Marcus, the Content Head of brand Assignment help .
Products/ services are what organizations present to satisfy their customers’ needs. The key to place the right product to the right customer is a result that brands have targeted the right set of customers. A better way to place products in the target market is to assess and evaluate the products and services from the customers’ point of view. This often helps figure out the right product placement at the right set of customers.
When it involves the marketing mix, placement is important . Knowing what particular product/ service customers’ look for, where the target customers are spending their time to purchase their desired products, whether a more potent sales force is needed to meet the target customers’ demand- is crucial for organizations to understand.
Finally, the essential element in the traditional marketing communications mix is promotion. Promotion includes all the various sorts of communication you employ to inform customers about your services or products
Successful promotional activates include of the organization speaking the customers’ language. Organizations knowing the right time to promote their products and services are it the best time, targets the right set of potential customers. Keeping the promotional strategies, eye-catching, and different from that of the competitors always gives an advantage.
Hope these will help elaborate the fundamentals of the marketing mix.
Author Bio: Luke Reddington is a career counsellor working for a private firm. He has handled the Assignment help responsibilities of several educational institutions. Currently, he works part-time as a writer .