What is the Marketing Mix for Your Business?
If you are going to sell something to someone, and that something is a service, how do you then define what is the marketing mix? Many marketers define marketing mix differently, often based on their own experiences and observations. Others use statistical analysis to support their definitions. In this article we will discuss the definition of the marketing mix, how to find it, and why it is important to have one. We will also examine some of the ways that marketing can be divorced from the core business of selling.
The first question that needs to be asked when defining the marketing mix is: what is the marketing mix? The term ‘mismatch’ was first introduced by Robert Kaplan and David Norton in their book, The Business Virus. The idea behind the concept is simple. The marketing mix is a framework for companies, historically focused around price, location, and product. The real marketing mix, according to these two legendary experts is the combination of five marketing strategies: Distribution channels, Web marketing, Public awareness and promotions, Personal selling and direct sales.
The distribution channel is the most important element of the marketing mix. It is the place where the customer locates the product. Most companies have an established distribution strategy. Some companies use more than one distribution channel, while others use a combination of direct and online sales.
The second element of the marketing mix is the promotion strategy. This is what gets people to look at your products. The main form of promotion is advertising, but in the right places, such as in magazines, newspapers, on television, or at trade shows, promotions can actually attract new customers. A mixture of different forms of promotion, including personal selling, direct sales, and distribution channels, is the right place to start when you are thinking about what is the marketing mix for your business.
The third strategy is your sales strategy. This is what sells your product to your target market. Sales management is a key part of the sales process, so finding a good distribution system, developing a good marketing plan, and consistently meeting your deadlines are all keys to your sales strategy. A combination of 5ps strategies is essential when you are marketing to your target market.
The fourth strategy is the sales force. This is what gets your product out to the public, and the place where you make sales. The five-pronged approach is a great way to develop a marketing strategy, sales force, and distribution system that work for your company. The distribution channels you use will depend on your product type and target market. So a combination of direct sales, online sales, and a distribution system is what is the right place to start when you are marketing your business.