The marketing mix is an essential and rather simple way to view the key elements to creating a winning campaign. When you market any type of product, business, or service the essentials of the marketing mix can help you succeed over and over again.
If you consider the marketing mix to be much like a recipe or like the basic ingredients that will lead to success, you might be more inclined to grasp the concept. When you mix up just about any given recipe you don't mix equal parts together. Cookies are made from a percentage of sugar, eggs, flour, and salt rather than equal parts of all ingredients.
When you create a marketing plan, the same can be said for your ingredients relating to the key elements of your success. You mix a percentage of the promotion with varying percentages of the product, place, and price in order to come up with the right balance to help determine your most successful marketing campaign.
In many ways, you can often cover one of the lesser exciting elements of your marketing campaign simply by adding a larger percentage of a more exciting ingredient. When you have the ability to load up the promotion, or the product, with enough public anticipation then the price becomes a secondary issue to the average consumer. After all, they already know that it is the must have product of the year. So what if it's a little more expensive than they want it to be?
The marketing mix is a simple but effective way to help monitor your success in putting together your campaigns. When you have a larger ingredient involving one element in your mix, keep track of your sales.
If you change course and add a larger percentage of a different ingredient, then you get to save that data as evidence of either a good move or a poor move. By keeping track of your percentages of your marketing campaign you can be sure that you will have it in black and white in order to continue to make better decisions.
05/10/2009
02/10/2009
Using The Marketing Mix To Track Success
The marketing mix can help you track successful advertising campaigns whether you use the internet or other media to promote your service or product. This is done by allowing for the simple process of elimination when keeping track of which element of the marketing mix you are focusing the most on.
The mix is like a blend of various ingredients that make up an entire recipe. The idea is to find the balanced percentages in order to come up with a campaign that truly works in your best interest. Also referred to as the four P method, the marketing mix is a blend of various percentages of the product, the price, the place, and the promotion. Most of this is rather self explanatory.
Obviously, the product refers to the item or service to be sold. The price refers to how much the consumer might pay for it. The promotion is how hard you sell it and what aspect of the product you sell. The place refers to the way the consumer is going to receive the product.
These four elements are basically essential to a successful marketing campaign and you need to include them all. However, just like any other successful recipe it is not necessary, nor recommended, that you blend all of the ingredients in the mixing bowl with the same measurements.
If you keep everything even, the negative aspects of your product or service will eventually start to shine through. All products and services have some sort of negative aspect to them. If you maintain a high push toward the percentages that focus on the best aspects, you end up with a better marketing plan. Of course, in order to keep track of this you need to maintain a record of sort.
With each element all you really need to do is figure out which aspect of the marketing mix you are pushing the hardest and note the impact it has on your sales. Once you have this data in front of you, your next campaign is essentially priceless.
The mix is like a blend of various ingredients that make up an entire recipe. The idea is to find the balanced percentages in order to come up with a campaign that truly works in your best interest. Also referred to as the four P method, the marketing mix is a blend of various percentages of the product, the price, the place, and the promotion. Most of this is rather self explanatory.
Obviously, the product refers to the item or service to be sold. The price refers to how much the consumer might pay for it. The promotion is how hard you sell it and what aspect of the product you sell. The place refers to the way the consumer is going to receive the product.
These four elements are basically essential to a successful marketing campaign and you need to include them all. However, just like any other successful recipe it is not necessary, nor recommended, that you blend all of the ingredients in the mixing bowl with the same measurements.
If you keep everything even, the negative aspects of your product or service will eventually start to shine through. All products and services have some sort of negative aspect to them. If you maintain a high push toward the percentages that focus on the best aspects, you end up with a better marketing plan. Of course, in order to keep track of this you need to maintain a record of sort.
With each element all you really need to do is figure out which aspect of the marketing mix you are pushing the hardest and note the impact it has on your sales. Once you have this data in front of you, your next campaign is essentially priceless.
29/09/2009
The Marketing Mix Rightly Explained
The marketing mix refers to the basic elements that make marketing campaigns successful. While it is technically a catch phrase, it is also a well laid plan for developing and maintaining a strong marketing presence in the medium preferred.
The marketing mix can be thought of sort of like ingredients. Each ingredient is essential to the final outcome but there is no need to have each ingredient match the quantity of another ingredient. You don't make cookies by adding four cups of sugar and four cups of flour to four cups of salt. Thus, you don't develop a marketing plan with the same emphasis placed on all aspects of the mix.
The basic ingredients of the marketing mix can be divided up as the product, the price, the place, and the promotion. When the product is the most essential ingredient, you may very well place a lot more weight on the product, the promotion, and the place over the price. When the product is so great the price often is left under a blanket so that the consumer will want the product despite an elevated price.
The place, which pretty much refers to how the consumer is going to receive this great product, can be elevated as an ingredient or it can be somewhat muted as an ingredient. Often going hand in hand with the ingredient known as promotion, the place can often play a key element in exciting the consumer.
The promotion is often a very heavy ingredient. You want to promote the goods, to make it seem like the best thing in the whole world, and cause a mad rush on the product through promotion.
Promotion can be straight forward just as it can be a smokescreen to provide an elevated level of need for the product. Promotion can not be the sole element to the marketing mix, but it can often become the most heavily relied on element to build up success.
The marketing mix can be thought of sort of like ingredients. Each ingredient is essential to the final outcome but there is no need to have each ingredient match the quantity of another ingredient. You don't make cookies by adding four cups of sugar and four cups of flour to four cups of salt. Thus, you don't develop a marketing plan with the same emphasis placed on all aspects of the mix.
The basic ingredients of the marketing mix can be divided up as the product, the price, the place, and the promotion. When the product is the most essential ingredient, you may very well place a lot more weight on the product, the promotion, and the place over the price. When the product is so great the price often is left under a blanket so that the consumer will want the product despite an elevated price.
The place, which pretty much refers to how the consumer is going to receive this great product, can be elevated as an ingredient or it can be somewhat muted as an ingredient. Often going hand in hand with the ingredient known as promotion, the place can often play a key element in exciting the consumer.
The promotion is often a very heavy ingredient. You want to promote the goods, to make it seem like the best thing in the whole world, and cause a mad rush on the product through promotion.
Promotion can be straight forward just as it can be a smokescreen to provide an elevated level of need for the product. Promotion can not be the sole element to the marketing mix, but it can often become the most heavily relied on element to build up success.
21/09/2009
Bill Hicks on marketing
WARNING! This video contains some strong language.
Great Way to boost your day :-)
Great Way to boost your day :-)
17/09/2009
Marketing Mix 7 p's - Everything You Need To Know
So you want to have a great marketing campaign? Have you considered the marketing mix 7 p's? Here they are in case you need a quick and easy reference.
People
Obvious, right? People make or break any marketing campaign. After all, no matter what it may seem like to you, you're marketing to people and they take out their wallets to buy your products or services. Many people simply forget this. Don't be one of them.
Process
This is a key word in anything related to marketing. Generally speaking the trick is to make each and every process your customer goes throug as easy for them as possible. What does that mean?
It means, for instance, that they don't have to fill out a 40 question survey just to purchase your product.
Always focus on simplifying the process for your prospective buyers.
Physical Evidence
Physical evidence might be a little harder to talk about because it depends so much on what you're promoting. Generally speaking, you want your customer to experience the product as much as possible, even before they pay you money through trials, samples, etc. It might seem hard to do, but really isn't. All you have to do is sit down and figure out a way for your customer to try your product so that he knows exactly what they're buying.
Product
Your product is crucial. People say that a good product will sell on its own, and, in my humble opinion, it's very true. If your product is really great and benefits your clients, they'll spread the good news. They'll tell their friends and family. They'll even tell total strangers. They'll be very excited to shre your brand and name with others causing you to have a great windfall of cash and plenty of business.
Price
Price tends to be a little tricky. Many people are often afraid to charge what they really should and constantly offer discounts. Let me tell you something: these are both very big no-no's that you should avoid like a plague. Charge what you're worth and never discount without a strong reason.
Place
You remember the old "location, location, location"? This is exactly what this p's about. There is basically no point in doing any marketing if people can't see it, right? So make sure that you're noticed. Make sure that people you're trying to get to buy from you actually know you exist by selecting the right place
Promotion
Promotion always comes last, because you should only start promoting your business once you have all the other p's in place. What are you going to tell people to encourage them to buy from you and how you're going to do it? Answer these two questions and you'll have a great plan for your promotion ready to use.
This is the marketing mix 7 p's. I know we've only touched upon them in this article, but I would like to invite you to take a look around this site to learn more about them.
Talk soon.
People
Obvious, right? People make or break any marketing campaign. After all, no matter what it may seem like to you, you're marketing to people and they take out their wallets to buy your products or services. Many people simply forget this. Don't be one of them.
Process
This is a key word in anything related to marketing. Generally speaking the trick is to make each and every process your customer goes throug as easy for them as possible. What does that mean?
It means, for instance, that they don't have to fill out a 40 question survey just to purchase your product.
Always focus on simplifying the process for your prospective buyers.
Physical Evidence
Physical evidence might be a little harder to talk about because it depends so much on what you're promoting. Generally speaking, you want your customer to experience the product as much as possible, even before they pay you money through trials, samples, etc. It might seem hard to do, but really isn't. All you have to do is sit down and figure out a way for your customer to try your product so that he knows exactly what they're buying.
Product
Your product is crucial. People say that a good product will sell on its own, and, in my humble opinion, it's very true. If your product is really great and benefits your clients, they'll spread the good news. They'll tell their friends and family. They'll even tell total strangers. They'll be very excited to shre your brand and name with others causing you to have a great windfall of cash and plenty of business.
Price
Price tends to be a little tricky. Many people are often afraid to charge what they really should and constantly offer discounts. Let me tell you something: these are both very big no-no's that you should avoid like a plague. Charge what you're worth and never discount without a strong reason.
Place
You remember the old "location, location, location"? This is exactly what this p's about. There is basically no point in doing any marketing if people can't see it, right? So make sure that you're noticed. Make sure that people you're trying to get to buy from you actually know you exist by selecting the right place
Promotion
Promotion always comes last, because you should only start promoting your business once you have all the other p's in place. What are you going to tell people to encourage them to buy from you and how you're going to do it? Answer these two questions and you'll have a great plan for your promotion ready to use.
This is the marketing mix 7 p's. I know we've only touched upon them in this article, but I would like to invite you to take a look around this site to learn more about them.
Talk soon.
14/09/2009
4 C's Of Marketing -- Do You See The Importance of the C?
Marketing is not a magic trick game where the only people that ever succeed are those with huge marketing budgets or powerful connections. The marketing game is actually based on universal rules that l like to call the 4 c's of marketing and if you follow those rules you're almost destined to win this game.It will take time but you will win in the end.
The 4 c's are customer, competition, communication and finally cost.
They might seem a little vague to you now, so let me take some time and go through them with you.
First, we have the customer.
The customer is probably one of the most important figures in your business. It's the customer that gives you money for what you're trying to market (whether it's a product or service you provide). That's precisely why you should always remember that customer, in any business, is king. What most people don't realize is that if you communicate with your customer (more on this later), he'll actually tell you what he'd like to spend money on.
Then, competition.
Are you watching your competition or are you ignoring it? The competition that you have are people or companies that provide a simillar solution to the same market as you are. Most people don't like to talk or even think about who they are competing with, but there's at least one thing that your competitors are very useful for: telling you what works. Just think about it: chances are that they have already spent a whole lot of money and valuable time on testing and implementing all kinds of solutions that make them money. All you have to do is watch them and see how they market. That's how you find out about those money makers and once you know what they are, just implement them into your business. Easy, right?
The third is communication.
We've touched upon this before, but talking to your market is the key if you want to have a successful marketing campaign. Just imagine this: you ask people what they want, they tell you, you make what they want and sell it to them. I know it seems oversimplified, but that's exaclty how easy it is.
Finally: cost.
I am not going to bore you talking about this last "c" too much because it's sort of obvious but you should always be aware what your average cost per sale is. How much does it cost you to make a sale? I mean, the cost of material, your staff, your time, your equipment, etc.
There you have it. These are the 4 c's of marketing. They seem simple and almost too obvious, but there is one thing I would like to say about them: pay close attention to them and I promise you that your next campaign is going to be a smashing success.
The 4 c's are customer, competition, communication and finally cost.
They might seem a little vague to you now, so let me take some time and go through them with you.
First, we have the customer.
The customer is probably one of the most important figures in your business. It's the customer that gives you money for what you're trying to market (whether it's a product or service you provide). That's precisely why you should always remember that customer, in any business, is king. What most people don't realize is that if you communicate with your customer (more on this later), he'll actually tell you what he'd like to spend money on.
Then, competition.
Are you watching your competition or are you ignoring it? The competition that you have are people or companies that provide a simillar solution to the same market as you are. Most people don't like to talk or even think about who they are competing with, but there's at least one thing that your competitors are very useful for: telling you what works. Just think about it: chances are that they have already spent a whole lot of money and valuable time on testing and implementing all kinds of solutions that make them money. All you have to do is watch them and see how they market. That's how you find out about those money makers and once you know what they are, just implement them into your business. Easy, right?
The third is communication.
We've touched upon this before, but talking to your market is the key if you want to have a successful marketing campaign. Just imagine this: you ask people what they want, they tell you, you make what they want and sell it to them. I know it seems oversimplified, but that's exaclty how easy it is.
Finally: cost.
I am not going to bore you talking about this last "c" too much because it's sort of obvious but you should always be aware what your average cost per sale is. How much does it cost you to make a sale? I mean, the cost of material, your staff, your time, your equipment, etc.
There you have it. These are the 4 c's of marketing. They seem simple and almost too obvious, but there is one thing I would like to say about them: pay close attention to them and I promise you that your next campaign is going to be a smashing success.
11/09/2009
4 P's Of Marketing -- They'll Either Make Or Break Your Business
I am sure you've heard people saying that there are 3 most important things when it comes to running a business. Those 3 things are: location, location, location. It's an old saying and still holds true in most cases, but did you realize there are 4 p's of marketing that you should definitely be paying attention to as well? Those p's are: product, price, place, promotion and we'll be talking about each one of them here.
Product
You might be a very talented marketer with a whole lot of charisma and skill, but if your product is not good, you will innevitably fail. You can trust me on this one. On the other hand, if your product is good and your market likes it a lot, it will practically sell on its own. Your customers will turn into salesmen that will tell everyone how great your solution is.
Price
Have you heard the saying that price does not matter? Isn't it funny that we always find money for what we really want? Now, this does not mean that you should be charging a whole lof of cash for something that's barely worth $27, but you should definitely charge as much as you're comfortable with. Just focus on providing value with your product and you'll be fine.
Place
This is location. It's mostly important because no matter how great what you're selling is, or how much of a marketing genius you are, if no one sees your offer, you're not going to do too well. Be sure that you locate your business where people in your market will be able to come and see it.
Promotion
This is where your marketing comes in. There is a reason why this is the last "p" that we have on the list. Before you promote anything, you have to be sure that you have the right product that's also priced correctly and you figured out a way for people to notice you. Now, the last thing is what are you going to sell to them and how are you going to do it? How are you going to communicate to people what you have?
This last "p" might seem a little scarry at first, especially if you don't have much experience marketing products, but there is one thing to remember about promotion: it really does seem harder than it actually is.
Product
You might be a very talented marketer with a whole lot of charisma and skill, but if your product is not good, you will innevitably fail. You can trust me on this one. On the other hand, if your product is good and your market likes it a lot, it will practically sell on its own. Your customers will turn into salesmen that will tell everyone how great your solution is.
Price
Have you heard the saying that price does not matter? Isn't it funny that we always find money for what we really want? Now, this does not mean that you should be charging a whole lof of cash for something that's barely worth $27, but you should definitely charge as much as you're comfortable with. Just focus on providing value with your product and you'll be fine.
Place
This is location. It's mostly important because no matter how great what you're selling is, or how much of a marketing genius you are, if no one sees your offer, you're not going to do too well. Be sure that you locate your business where people in your market will be able to come and see it.
Promotion
This is where your marketing comes in. There is a reason why this is the last "p" that we have on the list. Before you promote anything, you have to be sure that you have the right product that's also priced correctly and you figured out a way for people to notice you. Now, the last thing is what are you going to sell to them and how are you going to do it? How are you going to communicate to people what you have?
This last "p" might seem a little scarry at first, especially if you don't have much experience marketing products, but there is one thing to remember about promotion: it really does seem harder than it actually is.
06/09/2009
Benefits of the marketing mix
There are many benefits of the marketing mix, and reasons why they should be used.
In many cases, it provides a valuable framework for allocating financial and human resources, nearly every company has to allocate a certain amount of its precious resources towards its marketing efforts, and they need to be used in the most effective way.
Also, a well blended marketing plan helps with goal achievement, which will constitute the companys tactical-tool-kit for establishing strong positioning in the target markets.
It can also promote customer satisfaction, by delivering a special customer benefit tied together with each element of the 4 marketing p's/marketing mix. For example the "Price" could be fixed in such a way that imposes minimum cost to the customers, and "Promotion" activities may be designed in a way to properly and completely "communicate the message" of the company to targeted consumers in the correct markets.
There are more and more examples from the benefits of the marketing mix which could be touched on, but those listed above are a few of the main benefits and objectives from constructing a well planned marketing mix, and can provide provide valuable information to marketers and for new projects.
In many cases, it provides a valuable framework for allocating financial and human resources, nearly every company has to allocate a certain amount of its precious resources towards its marketing efforts, and they need to be used in the most effective way.
Also, a well blended marketing plan helps with goal achievement, which will constitute the companys tactical-tool-kit for establishing strong positioning in the target markets.
It can also promote customer satisfaction, by delivering a special customer benefit tied together with each element of the 4 marketing p's/marketing mix. For example the "Price" could be fixed in such a way that imposes minimum cost to the customers, and "Promotion" activities may be designed in a way to properly and completely "communicate the message" of the company to targeted consumers in the correct markets.
There are more and more examples from the benefits of the marketing mix which could be touched on, but those listed above are a few of the main benefits and objectives from constructing a well planned marketing mix, and can provide provide valuable information to marketers and for new projects.
05/09/2009
4 marketing p's Origin
The 4 marketing p's were originally identified in the early 1960s, by a Professor Neil Borden from Harvard Business School. Professor Neil Borden uncoverd a number of company performance actions that can influence the consumers decision to obtain goods or services. He suggested that all those actions of the company represtented a "Marketing Mix".
Also in the early 1960's, Professor E. Jerome McCarthy, from the Michigan State University, suggested that the "Marketing Mix" was made up of 4 elements: Product, Price, Place, and Promotion.
This is where the name "4 marketing p's" came into play, and these 4 elements are often referred to as the "Marketing Mix" which marketers often use to craft a marketing plan.
02/09/2009
4 marketing p's - Everything You Need To Know
What are the 4 marketing p's ?
1. Product
2. Pricing
3. Placement
4. Promotion
There you have it, the 4 marketing p's
So now lets get a bit more explanation of the 4 marketing p's :
1. Product - The product aspects of marketing deal with the specifications of the actual goods or services, plus how it relates to the end users needs and wants. The range of a product normally includes supporting elements such as warranties, guarantees, and support.
2. Pricing -This refers to the process of setting a price for a product, together with discounts. The price need not be monetary; it can plainly be what is exchanged for the product or services, e.g. time, energy, or attention. Methods of setting prices optimally are in the domain of pricing art
3. Placement - (or distribution ): refers to how the product gets to the buyer; for instance, point-of-sale assignment or retailing. This third P has furthermore at times been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which division (young adults, families, business citizens), etc. also referring to how the surroundings in which the product is sold in can influence sales.
4. Promotion - This includes advertising, sales promotion, including promotional education, publicity, and individual selling. Branding refers to the assorted strategies of promoting the product, brand, or company.
All the 4 marketing p's are also known as "the marketing mix" furthermore are frequently used by a marketer to plot a plan, and place the foundations of fresh projects/campaigns, it is a astonishingly useful strategy that has been used ever since the early 1960's, and will be constant for as long as new-found projects/campaigns are being produced.