Purpose of Marketing Mix:
The main purpose of developing the marketing mix model is to ensure the creation and execution of successful marketing strategy. Through this tool, the marketers attempt to satisfy both customers and sellers. With the proper application of every marketing mix element, it is proved as a key factor in a product’s success.
Features of Marketing Mix:
The key features of marketing mix are as follows:
1. Achieving market targets:
With the help of marketing elements, the businesses can achieve targets such as sales, profits, and customer satisfaction.
2. Interdependent variables:
The different elements of marketing mix are interdependent and used in conjunction with one another to ensure that all the elements are complementary and aligned with each other.
3. Flexibility concept:
The concepts of marketing mix are a flexible concept and focuses on any one variable that may be increased or decreased as per the customer requirements.
4. Constant monitoring:
It is important to keep a constant eye on recent trends and developments and make sure that the marketing mix elements are updated and relevant.
5. Role of marketing manager:
The marketing manager should be matured, creative, and intelligent to achieve desired results through skilled manipulation of these elements or variables.
6. Customer as the king of the market.
As one should not forget that the customer is the king of the market and the value of a product is determined by the customer perceptions and continuous goal to create a satisfied and loyal customer base.
Developing a marketing mix: Steps
Creative thinking along with intuition are the major requirements for marketing manager but relying only on these qualities can lead to inaccurate assumptions and may end up delivering wrong results. One should go through the following steps to develop a marketing mix:
Step 1: Define unique selling proposition:
The first step of the marketing manager is to define unique selling proposition of a product. There should be an identification of how important the USP is to the customers through surveys and focus groups. The benefits and features of the products should be clearly understood by the customers. It applies to physical goods, services, and online businesses.
Step 2: Understanding the customer:
The second step is to understand the nature of customers. One should know which customers would purchase the products. Who are the customers? What do they need? These questions will increase the understanding of target market and audiences.
Step 3: Understanding the market competition:
The marketing manager must thoroughly study the market competition. Discounts, warranties, and special offer needs to be assessed. One should establish a realistic price point by comparing the actual manufacturing cost along with the subjective vale of the product.
Step 4: Evaluate placement options:
The marketing manager must study and evaluate where the customers are most likely to purchase their products and what are the costs associated with marketing channels. The perceived value and the deciding price of the product plays an important role of how it is made available. Also, targeting the multiple channels will trigger wider audiences and reach more potential customers.
Step 5: Promotion strategy:
The marketing communication strategy can now be developed after identifying the audience and price points. Make sure that the features and benefits are clearly identified in whatever promotional methods you have finalized for appealing the intended customers.
Step 6: Cross-check the marketing mix:
Go one step back and re-check that all the elements are easily identified and interdependent on each other for a stronger strategy. The marketing plan can be finalized once all the elements are in harmony with no conflicting messages to one another.
Challenges of marketing mix:
Over the years, marketing managers have a strong opinion that the traditional marketing mix elements have its own limitations because of how it is structured. Several elements have been grouped into major four categories and thus, the other elements are ignored thereby belittling their true importance. The two main challenges are as follows:
1. Lack of focus on services:
The traditional marketing mix focuses only on tangible goods thus; the intangible goods or services provided are ignored. Services offered are equally vital and play the same role in customer offering and can be planned in same way as physical products.
2. Lack of focus on customers:
The traditional marketing mix elements focuses more on selling products and pricing them instead of focusing more on customers. The over enthusiastic marketing teams or managers often overlook customer needs and wants thus more focus should be given to customers.
Wrapping up
In this blog, we have learned about the features, purpose, and stages of development in marketing mix. In the next article, we will be learning about the four Cs of marketing mix and their differences with four Ps.
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