A Brief Description Of The Marketing Mix
The term “marketing mix” has, in recent years, been the main foundation model for most companies, historically focused on price, product, location, and publicity. However, the marketing mix is much more complex today. More companies are using different marketing approaches to their markets. The basic marketing mix remains constant though – price, product, location, and publicity. However, the marketing mix for some companies may change.
For example, let’s say you own a company that sells clothes to kids. When determining your marketing mix strategy, you probably decided that you want to reach a wider target audience by focusing on a younger audience. You would then use television, radio, newspapers, magazines, brochures, and other avenues to reach this younger target market. You may also add content to TikTok, and use different methods to get TikTok views because the platform is more popular among the younger generation. In this strategy, the price point will be lower since you’re reaching an audience of younger children.
If you do decide to target this younger audience, but you want to increase your profits by targeting middle-aged or older people, then your marketing mix strategy should still include a price point strategy. It might be even more important to focus on a middle-aged or older person versus a younger child because this is the right price point for them. You might have to be creative with your strategies to make sure this works. How can you make sure you reach your target audience while maintaining your profit margins at the same time? This is where strategic market segmentation can help.
Deciding on the correct marketing mix requires that you identify your customer segment. By identifying these target markets you will be better prepared to determine what marketing tactics you need to use to promote your products or services in those markets. If you have a high-demand product in a low market share area, then it makes sense to focus all of your efforts there. However, if you have a product that is relatively unknown in either of these areas, then you might want to explore other marketing tactics.
A great example of a marketing mix that targets both the low market share areas and the higher demand areas is social media marketing. When you effectively use social media to promote your business, you have a variety of different marketing tactics available to you to reach your target audience. The key to this strategy working for you is finding the right target market with the right amount of disposable income to spend on your marketing mix.
The marketing mix strategy you employ depends upon where your target audience hangs out on the internet. For example, if you want to target college students, then your marketing mix strategy would be geared toward that particular demographic. Boston Consulting Group’s “BSG Matrices” is the standard for marketing mix strategy that determines where to advertise and how much to spend. These maps are not cut-and-dry. However, they do offer a lot of good information to help you get started.
The most effective marketing mix strategy will combine four Ps and six C’s. The first of the four P’s is “promotion”. Marketing towards potential customers or those who have shown interest in your industry is important. It is also important to understand how to create a promotional environment that appeals to those demographics without blowing your budget.
The second part of a successful marketing mix includes “consulting” and “coaching”. It is very easy to throw together a good marketing campaign with some flashy graphics and a great sales pitch. What you really need to focus on though is developing a plan for how you will build customer loyalty through ongoing promotions and customer service. Without ongoing promotions, how will those who are loyal to your company ever find you? A good marketing plan for this part of the mix involves solid research and implementation of a proven process that ensures constant customer attraction.