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| Marketing Mix |
The Marketing Mix describes the components that influence your marketing efforts.
The 4 P's:
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| Product |
You need to describe what you offer to satisfy the needs of your consumers. In addition to delivering a description of the product features, it's desirable to relate the product (/service) to a set of values that your customers hold.
The basic product may be enhanced and promoted as providing Added Value over the basic product. It may also be marketed to stimulate the aspirations of your customers. Question your customers to ensure that you are aware of your customers current and future needs.
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| Place |
This relates to the distribution channels for your product. There are many ways to distribute your product ranging from direct selling through to the use of a distributor or agent. The choice of distribution will depend on your processes and also your customers. Some major customers may operate just in time or supply chain management systems.
This places the emphasis on you having the facilities to service any fluctuation in their delivery needs. Each distribution channel should be reviewed for its profitability and the resources needed for its maintenance.
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| Price |
This is important for your business as it has a direct impact on your profitability. For your customer, the price represents value based on your promises.
In your business plan, you will have created a standard selling price. This will be influenced by competition in the market, whether your product is protected by a patent, and your reputation.
Be wary of reducing your price to generate an increase in your market share. Try to promote your product with ?Added Value? features.
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| Promotion |
This is the range of activities undertaken to increase the exposure of your product in your market and to generate leads and sales.
It includes Advertising, Direct Mail, Selling, Presentations, Public Relations, Exhibitions and Sponsorship.
One of the objectives may be to build up a Brand Image, such that your product will become associated with a set of values.
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| ...and people |
The 4 P's are often supplemented by People in that your sales force and customer service personnel can have a significant influence on the success of your product. Your staff must be well trained, well motivated and possess the right qualities to deliver the level of service to your customers.
By researching your market, you can identify the relevant importance of the above key drivers. You can then adjust your mix to identify opportunities.
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