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How to get the right marketing mix for your business

chart30392829.JPGIt becomes crucial to get the right marketing mix to successfully market your product or service. Your marketing mix is a comprised of marketing tools, that are used to satisfy customers and company objectives. The marketing mix has been referred to as "the offering". There are several variables that will make up your marketing mix. These include:

  • Your product or service-You will need to describe in detail the products or services, you will be selling. For each product or service, you should include the following information: a general description of each product or service,
  • The price of your product or service-You will need to include a pricing structure of all products or services, and whether you will have different prices for various markets.
  • The way you will distribute your product or service-You will need to detail whether you will produce this product or service, or purchase from a wholesaler to resell to your customers.
  • The promotion of your product or service-This should be a detailed plan on how you will promote your product or service. This will include: any advertising, marketing or special events.

You should keep in mind that by using variations of these four components, you have the ability to reach multiple consumers within your target market. Understanding the impact of each of the variables, will enable you to design the right marketing mix, and maximize the profitability of your goods or services. You should keep in mind that creating a successful marketing mix that will increase results, often takes experimenting and market research. There are many methods that can be used, both in person and the use of impersonal presentations. It is very important not to always depend on "one" mix and you should always explore other avenues. The end result is that the combining and coordination, of these elements, will be more effective than depending on one.

In addition it is crucial that you coordinate all elements, so that the prospective consumer is not being sent mixed messages, that can cause confusion. It is imperative that all of your messages, no how they are delivered, have the same information. From the message you are forming, to how it is delivered there must be a consistent thread. Otherwise your customers will become confused and take their business elsewhere. Always make sure that your marketing mix has a message that speaks in unison. For example: you should make sure that if you have a practice that caters to a niche market, that your product is geared towards the need of that market, your price is within the budget of that market, you are distributing your product or service, where it will be seen by that market, and gear your promotion to solve the problems that they are encountering.

Of equal importance is determining your target market. Understanding your customer will directly affect your marketing mix. You should be able to make a complete description of your "ideal" customer. This description should include:

  • Your ideal customer in terms of this person or company's characteristics, attitudes, and buying behaviors. Remember that this description should be as complete as possible.

  • A complete demographic that includes the information about the market to whom you will be selling, in terms of numbers and demographics (characteristics), like age, sex, education level, income level, and other important information.

  • A description of the buying behaviors of your Target Market. It is crucial to understand where your target market shops, whether it is online or at a physical location. In addition, you must be aware of where they would be looking for your product or service.

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