Mixed Coin
The Marketing Mix And Why You Should Understand It
“The marketing mix is the basis for all business everywhere. It is taught first as the start to any formal business education. It is something every business starter thinks about in depth, though for those who do not have the formal education, it may be important to learn the term courtesy of EFG Marketing Solutions. The phrase “”marketing mix”" was put into mass usage about fifty years ago and is still going strong today.”
The marketing mix is simply these four elements: Product, Price, Place, and Promotion. They are commonly known as the four P’s. Packaging is the debated fifth P. The product is what you sell. The price is how much you charge for it. The place is where you sell it. The promotion is how you let people find out about it.
The product is the first thing you must figure out. What good or service is not currently being provided for the public? Is there already a product out there, but you can improve upon it? Do you have enough ideas to keep your product ahead of the competition, once they start stealing your ideas or using your own corrections?
“Price is a tricky issue because you have a lot to think about. It would be easy to say, “”Charge more than what it costs to make it, “” and you must do this anyway to make a profit. But consumers expect certain types of things to be certain prices. Do you want to play with their idea of a price? Will it hurt your reputation or make you an enemy in the business world?”
Place means: where can this product be bought? Is it regionally specific? Can it be bought online? Who is the target group most likely to buy it, and is it being sold in places they would visit?
Promotion is quite literally how you promote the product. How are people supposed to learn of it? Some ways are better than others, based on the target market. You once again must figure out whom you’re selling it to and then figure out how they hear of things. Would pre-teens be likely to read about it in a newspaper? Or would a television ad on a pre-teen channel be a better method?
According to EFG Marketing Solutions, the four P’s are starting to be replaced by the four Cs: consumer, cost, convenience, and communication. Cost and communication is essentially the same thing as price and promotion. Consumer is thought to be a better definition than product because the term consumer means you’re looking at the buyer and what you can supply for them, not merely what you can make in terms of yourself.
Convenience is a revolutionary idea in the marketing mix in terms of creating a product, says EFG Marketing Solutions. Some will buy a more expensive item simply because it is more convenient to get than that of a competitor. Convenience refers to more than just where the product is and how easy it is to get. This is a large factor, of course, but one must also think about goods and services included with the product, if it can be shipped, if it can be assembled for you, how it is packaged, how it is ordered, how it can be paid for, and what the general thought is about the product.
EFG Marketing Solutions, Inc. provides unmatched experience, maturity, professionalism, integrity, and commitment when it comes to their clients’ marketing needs. Since 2005, EFG Marketing has provided professional and reliable results for their Fortune 500 customers’ bottom line.
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