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.