Marketing is one of the most important factors in the success of any business and must be customer-driven in order to be most effective. Making your customers the primary focus will assist you in reaping your rewards.
The marketing mix is a very useful recipe to follow. Blending the main ingredients of product, price, place and promotion in the correct order is an effective marketing strategy. The marketing mix is also known as the"Four P's." Marketing involves developing the right product, targeting the right price, getting the product into the proper locations and promoting it.
Productsor services are bought by customers to meet a particular need or desire. The need may be emotional or just fundamental. Goods and services usually remedy a problem and it is important to identify which one your product(s) and service(s) will satisfy. A product or service may meet a need of a customer that did not even know that they had.
Price is the most crucial part of the mix. The price must be precise if customers are going to buy a product in sufficient quantities to guarantee a profit. The right price for quality goods is a fair one. Fair price does not always mean the best price. If the price of the product is priced too low the customer may assume that the quality is inferior to other products.
Place is what connects customers with products. For some niche businesses, place is not an issue because fanatics and collectors desire that product. The internet provides a perfect portal for bringing customers and companies together. Online stores are open 24/7.
Promotion such as advertising is another important element in the mix. Direct mail, email campaigns and signage to inform customers about what it is that you have to offer and persuade them to make a purchase. For many businesses, promotional activity is essential for attracting new clients and growth.
To ensure your competitive advantage, you need to re-evaluate your marketing strategy and mix on a continuous basis. It is important to compare your game plan with that of your competitors to remain competitive in your industry.
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