The marketing mix has been shown to be an important means of directly reaching the target audience, increasing sales volume and promoting brand awareness opportunities in the market, so we will learn about the successful marketing mix strategy.
What is the marketing mix?
A marketing mix is a set of practices and procedures that companies rely on to promote products or services and ensure that the marketing mix elements, namely product, price, promotion and location, are provided in order to achieve the desired objectives of each company and increase profits.
Why is the marketing mix important?
The goal of the marketing mix is to add the right products in the right place and also choose the right timing at the right price for customers in the market, so we explain why the marketing mix is important during the following points:
Assists in optimal planning before products are offered in the market, where market research is conducted, competitor analysis is conducted, and the needs of target populations are identified.
The marketing mix also contributes to clarifying the most important benefits of products or services when acquired.
Helps to know when to offer products and services and how to promote them.
Develop an effective marketing strategy while avoiding unnecessary costs.
The importance of the marketing mix is to focus on the strengths of the company and to make the most of them.
What are the elements of the marketing mix?
In order to develop the effective marketing mix for products and services, the elements of the marketing mix need to be identified as follows:
1. Product
A commodity manufactured with the aim of delivering it to the target population, which is in the form of products or services that allow for meeting their specific needs. It is necessary to know the life cycle of the product, namely growth, maturity, and the stage of sales decline, where more marketing ideas should be created to motivate the purchase of the product or obtain the service.
2. Price
The monetary value of the product that the Company provides to customers in the market, which should be set at the cost of arrival of the product to customers, namely the price of production, transportation, profit margin and the cost of rent of the place, with an interest in offering products at a price suitable for the target groups compared to the prices of competitors.
3. Location
It is important to determine what distribution channels as well as the ways in which the products will be delivered, the product should be placed in a place that is accessible to customers, this needs to study the behaviour of the target groups to identify the most effective places for them such as knowing which locations your customers are using, and which platforms are most interactive.
4. Promotion
Marketing communication process that helps make a product reach a target audience and influences them to make a product purchase or service decision, by providing them with product benefits, direct marketing, and using sophisticated promotional techniques.
How to develop the marketing mix?
Given our technological evolution and the growing trend in digital marketing, we must keep pace, to meet customer needs, so we look at the steps to develop the marketing mix as follows:
Define the purpose of the marketing plan is to seek more customers, increase brand awareness, or increase sales volume, budget the marketing plan and prepare advertising campaigns.
Select the target audience above all You must determine which category you will address across your products and services, identifying selling offers that will attract more customers.
Get to know your competitors in the market while identifying strengths and weaknesses and knowing the most important techniques and strategies to engage customers.
Offer the benefits of your products and services that will be obtained when purchasing products, setting the price and making sure not to raise the cost so that it is appropriate for your customers.
Select the marketing channels that appeal to you, there are several marketing methods to choose from such as social media and advertising campaigns.
After we have learned about the importance of the marketing mix, we can look at what,,,
Marketing mix strategy
It is a set of marketing tools and advanced tactics that are relied upon to reach the target audience and achieve the objectives required for each business. Marketing mix strategies also vary according to the nature of the product and service of each business and the target group. Among the strategies used are:
Different social media platforms such as Facebook, YouTube, LinkedIn, Twitter and others that help connect directly with customers.
Design websites to display products and services through them.
Using video streaming whether it’s through YouTube clips or podcasts.
Designing smartphone apps that help reach as many customers as possible.
When is the marketing mix more important?
Depending on the economic situation, markets are typically exposed to supply-demand disruptions, and when market downturns arise, companies must be prepared, thus demonstrating the importance of a marketing mix that provides innovative promotional ideas that help reach customers, improve product quality, and continue to differentiate them from competing products.
What is the marketing mix used for?
Marketing mix is a long-term marketing plan that contributes to customer reach, helps to increase the value of the company in the market, promotes brand awareness opportunities, and uses the marketing mix to identify the requirements of target groups, analyze competitors, and study supply and demand so that a product that meets all needs is available.
Difference between marketing and promotional mix
Some believe that there is no difference between the marketing mix and the promotional mix and therefore we explain the difference as follows:
A promotional mix is a set of elements that help motivate customers to buy products or get services advertised and explain the most important benefits of products that drive customers to buy products, and promotion is one element of the marketing mix.
A marketing mix is a broader concept than a marketing promotion, with many elements ranging from product, venue, pricing, etc. that ultimately reach effective customer outreach and desired profit return.
Conclusion
The marketing mix is increasingly important with the digital evolution of our lives, so the best e-marketing companies with extensive experience in the industry should be approached and Tik Village has earned customers’ trust in Egypt and the Arab world
