What is Marketing Mix? Marketing Mix is often called as “set of strategies that are used to promote & sell products in the mainstream market”. Such tactics ranges from the product development to its price management and promotion. There are different types of digital marketingthat you need to look upon.
These tactics are called as “4Ps” of marketing that are.
A product can be tangible (visible) or intangible (invisible)good or service that fulfills the need and desire of the users. The product and service must be the essence of your running business. If you own an intangible thing like insurance policy then it should stand still in the marketplace as it does something that nothing else in the marker does.
Let’s say, you want to open an ice-cream parlor. Unless you are planning on selling something- say ‘strawberry chocolate’ flavor that no other shop in your neighborhood offers, you must focus on finding new products.
Point to ponder:
Before considering your product’s place in the marketing mix process, you need to keep in mind few things like:
- What does my product do that my competitor is not doing?
- Why should a customer pay for my product instead of my competitor?
If you don’t know answers of such questions, then it’s time to go back to the drawing board. Above all, you have a clear knowledge of exactly what your product is and what make it unique.
The basic challenge for a marketer is to come up with a price that is suitable to consumers while still turning an acceptable profit for the company. There are multiple factors occur when you are about to determine the price of a product.
- Market fluctuations
- Competitor’s prices
- Demand and supply
Beyond those factors there are multiple situations when companies raise the price of a product. Let’s say a company selling mineral water might be able to charge tenfold what a bottle of water is really worth by putting it in a smart packaging.
Point to ponder: What you charge for your product not only determines how much money you can make. Do you want to be known as the high-end, but also much priced option for the higher class? Do you want to be remembered as the customer friendly option for the masses?
Where your product appear on the internet than where it appears in the physical world. An online reach can be global, because your reach in the physical world is much limited.
Point to ponder: As a great concept, a place can mean many things in various situations. The question arises here that marketers need to ask themselves that how to make it easier for clients to find my product?
Consist concepts like social media marketing, brand awareness that your company has with the clients regarding the product,therefore allows for more creativity than any of the 4P’s. Promotion overlaps place in the marketing mix.
The difference: Place is more about passive visibility & Promotion is all about active communication.
Point to ponder: Every last interaction that you have with the client becomes part of the story. Your brand voice must be reflected in every communication you have as a company.
Summing up the discussion:
There are various types of digital marketing & Marketing Mix is one of them. 4Ps of the Marketing offers you a complete insight. What is marketing mix? And how it affects the overall marketing process?Please up vote the post if you would like me to expand upon more examples. Let us know in the comments. Thanks!