When running a business, understanding the importance of marketing is critical as it helps you get your products and services in front of customers who can buy them. One of the essential concepts in marketing is the marketing mix. The marketing mix involves the various aspects of marketing that can have an influence on sales and the effectiveness of your advertising strategies. If you understand how this makes works, you can use it to your advantage to increase sales and profitability.
Instructions
1. Price your product effectively. Price is one of the four aspects of the marketing mix. You could price your products and services in a number of ways. For example, you could price your products with the intention of gaining market share. You could price your products similar to a competitor. You could price your products higher with the hope of creating a high-end image. You may even offer a discount when consumers buy in bulk. Pricing your product may take some experimentation to see what price point you need to use.
2. Place your products or services in the most effective area in which they can sell. The place aspect of the marketing mix deals with the distribution channel for your products and services. For example, you could choose to feature your products only in specialty stores or you could open distribution up to a large mix of retail establishments. You might decide to only sell your products online.
3. Focus on the products that you will sell. This product does not necessarily have to be just a physical product. Instead, it can also include services and the brand image of your product. Before you can begin distributing or selling, you have to determine if you have the right product to sell. Look at the functionality of the product and make sure that it is styled correctly to appeal to your target market. This can involve using focus groups, surveys and test markets to make sure that people like what you have to offer.
4. Decide on the promotional strategies that you will use to sell your products. This can include determining which avenues you will use for advertising such as newspaper, television or radio. It can also include discounts and coupons that you distribute to your end users. You might even find it necessary to send out a team of door-to-door sales reps to promote your products or services.
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