Analyzing the marketing mix

Analyzing the marketing mix. The main things that happens when we sit down and start working on the marketing for a business, is we forget the strategy. Which really is one of the key factors of making a marketing plan work.

In order to get a good strategy going for your marketing plan, you will need to analyze your marketing mix. So, if you are ready to mix it up, lets look at the market and see where your marketing will be most successful.

Strategy

When you look at your strategy, the marketing mix plays the largest part. You will need to look at the products and services your business offers. What are the markets your business serves? What are the environmental and internal factors involved with the market. Where do the product, research, financing, and other elements that pertain to the success of your business all fit in?

Mix it up

Each of these factors listed above are key to getting your marketing strategy to work. In addition to these specifics, you need to look at the marketing mix itself. Who is out there? Who is your consumer? What does your market need? Knowing what your market needs by analyzing the marketing mix will help you to target the right areas for better sells and profits.

Is there a market for your product?

When you analyze the marketing mix, you will find that there will either be a market for your products, or there will not be. This is one of the key reasons that you need to know how to analyze your marketing mix.

Is it the right time and the right place?

As you analyze your marketing mix, you will find that there will be the right time and the right place to market your product. The reason this is so important is that marketing dollars can only go so far. If you are marketing your product at the wrong time, or in the wrong place, you will be wasting those marketing dollars.

This means very simply, "Do not market a sweater in July" Unless you know it is going to snow. As you walk through successful stores, you will see that they market their products by placing the items that are good for selling at that time right up front.
An easy example of this is when walking around an amusement park. In their little shops, you will see food, shoes, gifts etc. Then right there in the middle of it all you will see a few different lightweight jackets. This is because they know their market. Sure, there will be plenty of people who will think about the fact that at about 9:00pm it will start to get a little chilly, so they will bring a jacket.

Though there is a definite market that will think it is hot now, and not think about what will happen at 9:00pm. So they either will want to buy a light jacket to block the chill, or they will be cold.

The small stores know this, because, they have studied their market. The needs of their consumers, and finally even though at noon a jacket may look odd on the shelf, at 9:00pm that jacket is a sell out.

When you analyze your marketing mix you will watch and learn these types of patterns so that you know when and where to get the most from your marketing.

How much?

Analyzing the market will not only make you aware or who needs, what and when, but also it will help you to know how much. It is never more frustrating than to hit a great sells spell and run out of your product.

Therefore, you can use your marketing strategy and plan to weigh out how much you are going to need of a specific product.

This information should help you to analyze your marketing mix and get the most from the information you have collected. Follow your instincts, but read the reports. This way your decisions for your marketing plan are sure to be more profitable.