The term ‘marketing mix’, is actually a very broad definition of companies, historically centered on price, product, location, and advertisement. However, the marketing mix has evolved into the more flexible “set of marketing tools the company uses to achieve its marketing goals in the target market.” In this article, we will be exploring what are some of the most common marketing mix components, and how these components can be used by organizations today. We will discuss different types of elements that marketers may include in their marketing mix, and how each of these elements can be used effectively to promote their products.
The first element in a marketing mix is the audience segment or demographic. The audience refers to the people that are likely to purchase the product being advertised. For example, a physician selling medicine to teenagers would not be correct with his or her description if he or she were trying to sell the product to middle aged adults. Therefore, the segment or audience of potential buyers need to be defined within your target customer base.
The second element of the mix is the distribution channel. Distribution channels refer to the way in which your product is distributed. For example, you might be selling your products via the Internet, radio, TV, or Yellow Pages. In this article, we will discuss some of the ways in which you might identify the appropriate distribution channel(s) for your product(s).
The third element in a mix is the pricing strategy(s). In this section of the marketing mix, we will discuss four different pricing strategies that you may use effectively to differentiate yourself from your competition. These four pricing strategies often refer to the products, price, location, distribution channels, and promotions. These four pricing strategies often vary across businesses.
The fourth factor in an effective marketing mix is the promotion strategy(s). In this section, we will discuss four different promotion methods that you may use effectively to promote your product(s). These four promotional methods often refer to the size of your audience, frequency of your product(s), type of promotion, and cost-effectiveness. These four factors can vary across businesses.
Finally, in this section we are going to discuss the customer segmentation in order to provide a better understanding of your target audience. In simple terms, the customer segmentation refers to the various segments that you target. For example, you could target the business professionals, the business start-ups, the SMEs, the frugal shoppers, the family-oriented consumers, etc. In fact, the customer segmentation used in the context of a seven-point plan referred to as the seven-point plan refers to the various segments that a marketer would want to consider when promoting a product or service. By consulting an expert in this field you can get a better understanding of the current landscape of the economy and the type of consumers that purchase your product.