It has been said many, MANY times in business that if you don’t know your target market well enough and figured out what they exactly want, you’ll commit entrepreneurial suicide and the business will inevitably fail.
The marketing mix definition is simple. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price
#1 Marketing Mix – Product
A product is an item that is built or produced to satisfy the needs of a certain group of people. You must ensure to have the right type of product that is in demand for your market.
Which brands & products you are going to sell?
#2 Marketing Mix – Price
The price of the product is basically the amount that a customer pays for to enjoy it. When setting the product price, marketers should consider the perceived value that the product offers.
What price to sell?
#3 Marketing Mix – Place
Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers.
This comes with a deep understanding of your target market. Understand them inside out and you will discover the most efficient positioning and distribution channels that directly speak with your market.
Which marketing channel to sell? Marketplace, Social Media, Blog, Forum, Database
#4 Marketing Mix – Promotion
Your combination of promotional strategies and how you go about promotion will depend on your budget, the message you want to communicate, and the target market you have defined already in previous steps.
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All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success