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If you own a website to market your product, make sure it is easily navigable. For example, if you have a physical store, it should be located in a place that can be easily discovered by the customer. Wherever this is, it should be easily accessible to the customer. This is about the distribution center of the product and the methods used in distributing it to the customer. When setting a price for your product, consider how much you have spent on producing it, the price ranges of your competitors, and the perceived product value. This helps determine the profit you will be able to generate. The next element of the marketing mix is the price your customer is willing to pay for your product. Once the product reaches its final stage (sales decline phase), it’s time to reinvent the item to win the demand of the customers again. When developing the product, you need to consider its life cycle and plan for different challenges that may arise during the stages of it. Product is a good (such as music players, shoes etc.) or service (such as hotels, airlines, etc.) that is offered as a solution to satisfy the needs of your customer. The 4 Ps of Marketing Mix 4 Ps of Marketing Mix (Click on the template to edit it online) Product
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Helps learn when and how to promote your product or service to your customersĭeveloping the correct marketing mix for your product or service starts with understanding the Ps of Marketing.Helps identify and understand the requirements of customers.Help determine whether your product or service is suitable for your customers.Helps be proactive in the face of risks.Helps businesses make use of their strengths and avoid unnecessary costs.
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Helps with planning, developing and executing effective marketing strategies.Helps plan a successful product offering.Helps understand what your product or service can offer to your customers.There are several benefits of the marketing mix that makes it important to businesses Businesses use a blend of these marketing mix elements to generate the response they want from their audience. Whereas traditionally the marketing mix was executed through the 4 Ps of marketing, nowadays 3 more additional tools have been added to the mix, making it the 7 Ps of marketing. It helps to make sure that you are able to offer your customers the right product, at the right time and at the right place for the right price.
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Marketing mix is a set of actions a business takes to build and market its product or service to its customers. In this post, we will discuss the marketing mix definition, its importance, the elements of marketing mix and how to develop an effective marketing mix for your product or service.įor the ultimate list of marketing strategy planning tools with editable templates, you can click here or visit our Marketing Solutions What is a Marketing Mix? Once you have identified your target audience and the competition, the next thing on your to-do list should be developing a marketing mix.Įvery business needs its very own marketing mix to appeal to its customers.