What are the different elements of the Market Mix?
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Product: This is the central element in your marketing strategy. Not just the success of your marketing strategy but the image of your brand too depends on the success of your product. In 21st century were competition has become only all the more intense you need to have a great quality product to shine n the shelf. Otherwise your product gets lost in the crowd of brands every customer comes across in the market. So, you do not want you product to be a loser. You must fill it with quality. Consider the example of Apple. It is its product range that has made the brand a celebrity. The case of Starbucks also proves that good quality products are easier to sell.
Place: Placement also serves an important role in the marketing of a brand. If you want your product to sell, you must place it where your customer segment is. If you product is made for the metropolitan crowd then no use trying to sell it in rural areas. If you have a product for the millenials, then you must sell it online because that’s where you will find the largest crowd of millenials. Moreover, you would not like your product to be inaccessible and so you have to place it where it is easily accessible to your target audience. Brands like IKEA have their stores in strategic locations where they attract the highest number of footfalls.
Price: Pricing is also an important part of a brand’s marketing strategy. Many times you pricing strategy is the most effective part of your marketing strategy. Consider Walmart. It is the most favorite retailer of majority of Americans because it sells at the lowest prices. Apple has priced its products high because it is marketing its products to the upper end of customers. IKEA has a smart pricing strategy that has helped it target the middle class customers effectively. If it was not for its pricing strategy, its customer base would shrink to less than half of its current customer segment. So, you must keep your target market and your competition in mind before pricing your products. This does not just help you attract the right customers but also helps you build distinct image.
Promotion: After pricing, it is the promotional part. Despite getting the rest elements of your marketing mix right, you might need to do some marketing to let your customers have a better glimpse of your product and its features and quality. You have a great product and a smart pricing strategy but still you need to reach your target market and help it know and understand your brand and its value proposition. It is because there is a lot of competition and you have to reach your customers before others do. This is the importance of your promotional strategy and being smart at it means achieving higher sales and penetrating your target market deeper than the competitors.
Hope it helps.
Product: This is the central element in your marketing strategy. Not just the success of your marketing strategy but the image of your brand too depends on the success of your product. In 21st century were competition has become only all the more intense you need to have a great quality product to shine n the shelf. Otherwise your product gets lost in the crowd of brands every customer comes across in the market. So, you do not want you product to be a loser. You must fill it with quality. Consider the example of Apple. It is its product range that has made the brand a celebrity. The case of Starbucks also proves that good quality products are easier to sell.
Place: Placement also serves an important role in the marketing of a brand. If you want your product to sell, you must place it where your customer segment is. If you product is made for the metropolitan crowd then no use trying to sell it in rural areas. If you have a product for the millenials, then you must sell it online because that’s where you will find the largest crowd of millenials. Moreover, you would not like your product to be inaccessible and so you have to place it where it is easily accessible to your target audience. Brands like IKEA have their stores in strategic locations where they attract the highest number of footfalls.
Price: Pricing is also an important part of a brand’s marketing strategy. Many times you pricing strategy is the most effective part of your marketing strategy. Consider Walmart. It is the most favorite retailer of majority of Americans because it sells at the lowest prices. Apple has priced its products high because it is marketing its products to the upper end of customers. IKEA has a smart pricing strategy that has helped it target the middle class customers effectively. If it was not for its pricing strategy, its customer base would shrink to less than half of its current customer segment. So, you must keep your target market and your competition in mind before pricing your products. This does not just help you attract the right customers but also helps you build distinct image.
Promotion: After pricing, it is the promotional part. Despite getting the rest elements of your marketing mix right, you might need to do some marketing to let your customers have a better glimpse of your product and its features and quality. You have a great product and a smart pricing strategy but still you need to reach your target market and help it know and understand your brand and its value proposition. It is because there is a lot of competition and you have to reach your customers before others do. This is the importance of your promotional strategy and being smart at it means achieving higher sales and penetrating your target market deeper than the competitors.
Hope it helps.
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The components of the marketing mix consist of 4Ps Product, Price, Place, and Promotion.
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