There are two types of marketing mix: –
- Service marketing mix:- Service marketing mix is a concept to design high-quality services that meet the expectations of the audience within their budget. It includes 7 Ps of marketing that are people, product, promotion, pricing, place, process and physical evidence.
- Product marketing mix:- Product marketing mix is a tool used to leverage the marketing resources for a product’s success. It involves four footsteps that are product, promotion, place, and price.
4 P’s of Marketing Mix
A product is a thing that business promotes to the customers. So, it is necessary to understand the demands and expectations of the customers before deploying the product. It is necessary to think about the features and their cost value before the development of the product. You need to analyze whether any feature is increasing the cost value or is there any feature left. A management team needs to study the products available in the market and what new they are going to introduce in the market. The other aspects include color, size, name, marketing strategy, etc.
It is necessary to identify those places where you will get the right buyers. Reaching the right audience at the right place will increase sales. So, the business needs to think about the right places and stores to deliver their products to the right audience. You need to decide the market to sell the products online or use salesforce. A business should keep a minute watch on the competitor’s marketing strategy to give a blast to the marketing efforts.
The price of the product will decide whether the buyers will buy your product or not. Here, you need to understand your audience as per the product. If your product demands a big sum then the only rich class will access it. You will lose a big market of middle-class customers. So, pricing also plays an essential role in the strategy because customers don’t like expensive products, they need everything at cheap rates. Add discounts and offers to your products to increase sales.
The product is developed, the place is decided and the price is fixed. But, there’s one more step left that is Promotion. A business needs to deliver a message about its product to the targeted market and it should use the right channels to reach them effectively. Analyze the best time and ad network to deliver your messages efficiently. You can go with TV ads, Video ads, online promotion, CPC, brochure, social media, Banners, hoardings, signage ads, etc. Here, businesses should focus on the ROI instead of wasting a big amount in worthless promotional methods.
Marketing experts learn the resources via practical implementation. It is the result of the hard work that they invest their knowledge to gain maximum revenue from the audience. It is a tough task for students to write assignments on marketing mix and that’s why they need Assignment Help.
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