What is the marketing mix?
A company considers the marketing mix to best meet its consumers’ needs, and the marketing mix of a business is a proxy for the product, price, place and promotion applied. Defining a marketing mix of business results to a powerful brand image, unique selling point, stand out from the competition and boost sales.
How the market mix satisfies customers?
Customers decide on the best marketing mix available in the market since consumption trends define the demanding market mix of a product in the market. For this reason, any business that cannot meet its customers’ needs will lose out and remain unviable. The market mix, that best defines the product, price, channels of distribution and promotion, is most likely gained by customers. For example, the marketing mix of a jewellery shop can be an exclusive brand of jewellery, using valuable diamond and gold materials, sell at a premium price in high street shops. Average-quality jewellery for the mass market is often sold in supermarkets and promoted using low-cost advertisements. Attractive offer will increase the sales and profitability of the business. Growing sales result in expanding the market share and strengthening the competitive position of the business. Businesses that make growing sales and profit, their net worth value is rising too.
How to make a sellable marketing mix?
Market research provides the basis for defining the most sellable marketing mix of a firm. Therefore, by identifying customer needs, a business can adjust the features of the product, price, promotion and channels to target a market segment more effectively.
The market is dynamic, and any marketing mix must be reviewed regularly to meet the evolving customers’ needs. Changing fashion and consumption trends reveal that goods and services have a limited product life cycle, and the marketing mix should be adjusted to suit the conditions and targets of each stage. For example, the life of a product can be extended by changing the packaging and improving the quality, although there is no single marketing mix that works for all businesses at all times.
The marketing mix is a significant input to the marketing strategy for any firm. A marketing strategy of a firm identifies the market mix, target customers, competitive positioning, sales targets and metrics. A successful market mix meets the customers’ needs, requires resources and call for higher efficiency of operation. Many factors influence the market mix of a firm, including customers’ needs, competition, the technology used, capital available, the nature of the product, competitive advantages and business targets.
This article is extracted from my new book- Mastering Enterprise Skills for Potential Entrepreneurs, which can be found on www.amazon.co.uk. If you want to receive more information about the book and our activities, you can register in our newsletter by using this link.
Prepared by: Munther Al Dawood
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