The marketing mix is an advertising term that can mean the different components that go into making up the “whole of marketing”. The term ‘marketing blend’ is actually a broad foundation model for many businesses, historically focused around price, product, location, and promotion. Today, the marketing mix is used to describe the various elements that are included within those models. Wikipedia defines the term marketing as, “the science of creating and promoting products or services for the sale of goods or services”. In this article, we’ll discuss what marketing mix means, how it can help you create more successful businesses, and how to use it to your benefit.
When defining your own marketing mix, you first need to understand the 4 Ps and 7 Ps of marketing. These are basically your personal selling points. By understanding these, you’ll be able to develop an effective selling strategy that uses these elements. Once you have a complete understanding of your personal selling points, you can start developing your marketing mix. Here are the four Ps and 7 Ps of marketing.
Price: Price is one of the most important factors of your marketing mix. Without a strong selling price, there will be no customers, thus no profit. There are many factors that go into determining your price. You’ll need to consider your competition, the type of product or service you are selling, as well as the demographics of your target market. It’s important that you keep in mind these factors as you figure out what your ideal price is.
Loyalty: Loyalty is one of the key factors in your mix. This basically means that if you put your loyal customers in a position to buy from you, they’ll keep doing so in the future. For example, if you are a real estate agent, your goal is to build a list of clients who are familiar with your work and are willing to take risks with you. This is how you develop a relationship with these individuals, which is the backbone of your business strategy.
Persistence: Persistence is key when developing your strategy for what is marketing mix. Each element of the mix must be persistent in order to become successful. If you start off by focusing on one element, it may prove difficult to persist with that strategy over time. So, find a new angle for each element as you develop your strategy.
All of these elements can be tracked using physical evidence, including sales reports, surveys, client feedback, and online reviews. The objective of all of this evidence is to discover what causes particular individuals to buy from you. After you’ve developed your marketing mix based on this information, you’ll need to rely on your physical evidence to support your claims. That’s where customer support comes in. Once you’ve determined which intangibles will build your business, you can then develop a plan to support these intangibles through the physical evidence provided.