The Marketing Mix

marketing mix 

Product

At the heart of the marketing mix is the customer. What does the customer want from the product? Does it have the features to meet these needs? You should also think about how and where the customer will use the product.  For instance if it’s a service, this can help make your user experience as easy and streamlined as possible. Arguably, a strong portion of companies like Apple’s success is down to the ease of use of their products. You can then also consider the branding and image of your product making sure it fits with the rest of the marketing mix and checking that it’s sufficiently differentiated from competitors.

Price

Once again, you need to acknowledge the customer and work out the value of the product or service to the buyer. In doing so, you should also consider how price sensitive the customer is. In this section, it’s particularly prudent to pay attention to what competitors are doing. By analysing established price points, you can work out how to differentiate against competitors – by undercutting or going for prestige pricing. You could decide not to compete on price at all and instead rely on your product.

Place

This aspect of the marketing mix is the most widely applicable. You can look at where you’re siting your product – what stores, which online sites or even where in the shop it’s going to go. You can also look at where to place your promotional material and, more practically, how you are going to manage your distribution channels. As always, all of these need to be geared towards your customer base. Your product needs to be where they are.

Promotion

The marketing mix’s most famous element, promotion, could have swathes of textbooks written about it. In this article, it’s best to look at how it relates to the other parts of the mix. Promotion needs to be product-centric and the type of promotion is inherently tied to the kind of product and its price. When deciding on a medium and where/ when you are going to put the promotion you, again, have to bear your customer base in mind. Your promotion, like your point of sale, needs to be where your customers are.

 

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