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The basics of the marketing mix

If you are a business owner then you need to become very familiar with the marketing mix. The marketing mix is a term that describes the different components that will make up your marketing plan. Knowing what these components are and how to use them will greatly influence how you put your marketing plan together and ultimately how successful your marketing is. When you understand that various components of the marketing mix you will be better able to market effectively and have your target market receive your message. Here is what you need to know about the basics of the marketing mix-

- What product will you be selling? The first step in setting up your marketing mix is to consider what you will be selling. Obviously this will have the biggest impact on how you design your marketing program For example-If you are selling children's clothes you will be marketing a lot differently then if you are selling aluminum siding. You must also have an understanding of why your product will be used by your customers and why they will want or need it. Once you have this information you can then move on to the other aspects of your marketing mix.
- What price point will your product be at? You may be surprised to learn that many business owners do not consider price as part of their marketing mix. However, it is crucial that you consider what price point you will place your product at. Keep in mind that pricing is especially crucial if you are launching a new product. You will only have one shot to do it right and position your product at its most profitable. Keep in mind that if you price your product to low then your customers may not see its value but if you price it to high you may drive your customers over to your competition where they feel they will get a better deal. Finally, it is important to understand that pricing will also dictate many of the marketing methods that you will use when marketing your product.
- Where will your customers buy your product? It is important to determine where your customers will be getting your product from. This is the part of the marketing mix that can only be answered by extensive market research. You will need to know where and how your target market likes to shop. It is crucial to understand this since you want to position your product in a location that will be easily accessed by your customers. For example-If your target market will most likely buy your product online then you need to have both your marketing online and a way for your customers to purchase it.
- How will you promote your product? Once you have the information from the above listed questions then you can begin to answer this question. You will want to design a marketing plan that is based on the information that you have taken the time to get. Many business owners feel that they can use the "shotgun" approach to marketing. This means that they simply use all marketing methods to get their message out. This is rarely effective. You want to make sure that you design marketing messages that will be delivered efficiently and effectively to your target market. This will be the way you save time and money, and capitalize on your marketing to boost sales. Business owners should also keep in mind that their marketing should not mimic the competition but rather keep them standing out from the crowd and attracting the interest of their target market.

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