Marketing Mix Product Strategy Example – Every brand or business wants to be a market leader. For that it should attract maximum customers. Achieving that requires an invaluable marketing strategy. The marketing mix model helps marketers design a solid product or service that gets all the right attention with the target audience.
The marketing mix is the strategy or plan that a company develops to increase awareness of its products or services. A diversified marketing strategy is a blend of these four elements, so it is also known as the 4Ps of marketing – product, price, place and promotion. In the case of services, the marketing mix becomes the 7Ps of marketing along with the other three Ps – human and process proof.
Marketing Mix Product Strategy Example
Knowledge of these Ps is essential for any marketer to create a successful marketing strategy. Let’s look at the details of each:
Market Positioning: Definition, Strategies, Importance, Erros
1) Product: The product being sold is the most important element of the marketing mix. What is the functional value of the product? What do consumers want and need from it? What is its special offer (USP)? Without a clear knowledge of this, the other Ps in the mix will not be able to add much punch to the marketing strategy. All product attributes fall under this item:
2) Price: Refers to the price you set for your product. Establishing the right pricing strategy depends on a number of factors such as product cost, competitor’s pricing strategy, ability to meet the target market’s demand, supply, personality, brand, and so on. It covers the following areas:
# 1- Low price: If you are the first person to release a product in the market, you can charge a higher price later. Cut it off as more competitors enter the market. This is a short term strategy as competitors will enter your market with similar products. This strategy offers a group of buyers known as “early adopters” and “innovators” who buy new products quickly in the market without worrying about their costs.
#2- Penetration Pricing: This strategy is the opposite of penetration pricing. Here you enter the market with low product prices and increase the price when the market share is established. This strategy is usually applied in sensitive markets and is designed to attract competitors’ customers and switch them to your product. Although this strategy is less profitable than a lower price, it can be profitable in the long run as you create a large market segment that can be nurtured for resale. “Offers for new customers” “First purchase offer” are examples of this strategy.
Marketing Mix Powerpoint Presentation Slides
# 3- Loss Leader: Using this strategy, the business decides to offer a low value product at a low cost, leading to a loss. The reason behind this is to attract customers to your store and encourage them to buy other cheaper products. This is a sales promotion technique to increase sales.
#4- Psychological Assessment: A common strategy used by marketing teams. Prices are considered lower than actual prices. For example, an item costs $9.99 instead of $10. Consumers are being duped by considering a low price, even $10. Customers can see this, but still fall for it!
# 5- Competitor Pricing – When there are several businesses offering similar products at similar prices, it becomes a “breakeven rate” for that product and your business has several options but charge the same price for its product. Then you need to create a competitive advantage by using other Ps in the marketing mix.
3) Location: refers to the dynamics of location. The advent of the Internet has added a new dimension to the “location” parameter. No more thinking about getting a product closer to the target customer to gain more reach. However, for many products, the right location and positioning of the right product remains an important winning factor. The retail sector places great importance on placing products close to eye level and close to the point of entry to increase the likelihood of a higher purchase. The marketing team ensures that POP (Point of Purchase) materials and advertising displays are strategically located to target more customers and increase their market share. Cover Item:
Inspiring Marketing Mix Examples To Help You Create Yours
4) Advertising: Refers to all promotional activities carried out to make people aware of the product. Advertising, public relations, word of mouth, personal selling and other forms of communication fall under this item. To summarize:
Advertising activities can be divided into – online (ATL) and underground (BTL) broadcasts. ATL involves the use of mass media such as print advertising, television advertising and radio advertising to increase product awareness among a large audience. Follow-up advertising is the use of non-mass media to target specific customers. It includes product displays in supermarkets or other public places, street displays, leaflets and pamphlets and other non-traditional forms of advertising.
In addition to the 4 Ps of the product mix, the marketing mix of a service has three additional Ps: human processing and physical evidence.
5) People – Internal as well as external audience comes under people. The knowledge of the company’s employees as well as its customers can be useful for the marketing team to develop a better strategy. Marketers must know the preferences of the target audience of the business. It will help them craft their message accordingly.
Elements Of Marketing Mix Strategy Slide
The people who work in your company are the people who serve your customers. Their training, motivation and communication skills must be top notch, so your service is the best in the market. Customer support should be ready to help customers around the clock. Live chat and support should also be provided through social media. The attitude of the sales staff and customer support team towards the customer can be a strong factor in the success of your service.
6) Processes – Processes include the systems and mechanisms by which services are implemented and delivered to end customers. Fast and efficient delivery can be the USP of a service. The company is further expanding its distribution network to facilitate faster delivery of their services. If the company can achieve that, marketing teams can use operational strategies to attract customers with one-day delivery offers.
7) Physical Evidence – Abstract services can be reinforced with practical services. First and foremost, the physical environment in which the service is delivered plays a key role in influencing customers’ perceptions of the service. For example, the atmosphere and furniture used in the cafe will be modern, classic or simply boring. The sound, color, smell of a place gives the impression associated with the brand. Logos, logos, brochures, uniforms, logos etc. contribute to brand building and the marketing team uses all this empirical evidence to improve the brand experience and attract more customers.
Adding a diversified marketing model was suggested by Robert F. Lauterborn. Since the customer is the king of a business, four Ps are replaced by 4 Cs, namely:
Marketing Mix How To Create A Strong E Marketing Strategy Ppt Mockup
Marketers should learn all these marketing strategies during their studies. As simple as they seem, they are the foundation of a successful marketing strategy and should always be kept in mind by the marketing team.
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Marketing Mix Ppt Templates
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