Use a marketing mix to maximize your customers' return

The traditional marketing mix, made up of four key business entities, which are believed to be vital to the success of any business. However, with the passage of time and the variety of products and services offered, there are seven main elements in the marketing mix today that require continuous evaluation to ensure the best possible results. These 7 Pk are:

  • Product
  • Price
  • Placement
  • Promotion
  • Physical Evidence
  • Process
  • People

This article analyzes all 7 elements in detail and we can explain how businesses can constantly change their product mix to maximize goals

Product

What distinguishes your product or service from other products? Although there are standard quality and service components to improve performance, the product or service must be somewhat unique, slightly better than its competitor. This "unique sales proposal" is critical to business success. Customer satisfaction with your product or service is extremely important. While it is important to offer high quality or more economical prices, better availability, or faster delivery time, it's important to make sure that your product or service is unique and separates them from competitors on the market.

Price

See if your target market looks at the price of a product or service as affordable. If the target market is unwilling or unable to buy, there is no chance of successful business building. If the price of your products is higher than the competition, you must convince the market of the price premium

Placement

In order to capture the market, make products and services accessible and easy to buy. If the customer does not find it, he can not buy from you. If you offer online sales, consider carefully whether customers need to go shopping online. The difficult procurement process is preventing sales. Find out where your target audience and stores are doing to deliver your products where you can see and learn.


Promoting the product through the right channels is essential to ensure the highest exposure to your marketing process. Broadcasting on a television or radio is more expensive than other channels; reaches people who have no interest in or are unable to buy their products. The expensive distribution of broadcasters can damage valuable sales dollars with little return. If the channel is online, use the internet and the benefits of search engine optimization. Find keyword search terms that result in the most volume of traffic. Take advantage of the content and position of websites that make the most of your product. If the promotion is a direct letter, please carefully consider the targeted mailing list. Direct correspondence can be much more concentrated and less resource-consuming, so their target market results in a much more accurate approach.

Physical Evidence

Think of all aspects of your organization that your prospective customers meet. From the cleanliness of the sales floor to the washbasins in brick and mortar sites, the ease of navigation of the web site requires a pleasant and uncomfortable experience for the customer. Polite, courteous and well-trained staff should take priority to gaining a picture of the product to sell and resell the product. Primary and secondary packaging can make a simple, useful product and make it more desirable. Everything the customer is contacting is based on physical evidence.

Process

The leader-generation process depends on marketing or silent marketing, as long as they take advantage of the call for action. The sales process starts from this incentive for action until the product or service is successful and paid. Is the process well proven and reliable? Experience is the same from the customer's point of contact with your business? How effective is the sales process? If the process is lead to optimum lead time, lead to resource and spend, sales may be multiplier to generate more revenue.

People

From those who answer the phone, welcome the customer, handle issues, process payments, track sales, and manage the team to the president of the company, all activities contribute to image quality and service. It is common for companies to say that we have great customer service in today's world, but what is great service is what matters to the customer.

How to use the marketing mix for companies

Marketing mix has seen a lot of changes throughout the product life cycle. For example, if we look at the category of health supplements, many brands have begun supplying nutritional supplements to men and women on the market. However, in the life cycle development phase of the product, brands with increased lower introductory prices and various promotional packs placed greater emphasis on obtaining exposure. As brands crossed the Introductory phase and moved on to the growth stage, businesses began to launch a number of specialized categories such as Teens, Men, Women and above 50, and more and more products were developed in each category. These line extensions are typical for businesses in the growth phase. If the life cycle of a company is at a mature stage, it is common for them to relaunch their products with innovation to seize business growth in the development phase. In the category of health supplements, many brands have identified the opportunity to attract trainees and sports-seeking customers to increase performance. This new market segment has opened its doors to a brand new marketing segment for businesses that have focused on diversifying the market and increasing the market for the new category.

Conclusion

Experienced marketing consultants, such as Straw Marketing, have a lot of questions about different aspects of the business. Knowing the market and knowing the internal operation of a company selling products and services is essential to developing a strategic and tactical plan that can be successful. Depending on the product life cycle and market influence, business leaders and professional marketers are constantly evaluating their marketing structure and improving their target market's better service. Design, review, evaluation and research include all elements of the marketing mix and are essential to the overall success of a business.

Source by sbobet

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