Marketing Mix - How To Properly Grow Your Company
The marketing mix is something taught as a basic foundation for all business courses. However, if one is new to the business world - especially if one is starting a small company and has no formal training - then a brief overview of the marketing mix, brought to you by EFG Marketing Solutions, is essential. It was a term coined over fifty years ago that not only still has relevance today, but is one of the major pillars of all businesses and business decisions.
In simple terms, the four P's defines the marketing mix: Product, Price, Place, and Promotion. Some argue that the fifth P is 'packaging, ' but for the sake of brevity, we'll focus on just the four. The product is exact what one's business sells or provides, be it a good or service. Price is what you charge for this good or service. Place refers to where it can be bought and where it would be most needed. Promotion is how you get word out about your product.
One must start with the product. You've got to find something that no one else is selling and then figure out how to get started. Is there something you think would be useful that you can't find anywhere? There is your product. Products are difficult because they're always evolving and competition is stiff.
Price is far more complicated because it takes into account the cost of labor and supplies for the business, whether one wants to under-sell the competition, whether one wants to play with consumer expectations, and if the consumer will realistically pay what is needed to make a profit for the product. One must look closely at other options, because the customer will, too. If one can get a similar quality alternative for much less money, is your venture really worth it?
Place is fairly simple. You want to sell your product in a place where it is likely to be bought. Who are you gearing the product to? Why? Do you have a web site? Can you expand your sales region? Do you want to?
No one is going to buy your product, however, if they don't know it exists. This is where promotion comes in. You need to get people talking about your product, if it's through viral marketing, or magazine ads, or product placement in movies.
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.
Since 2005, EFG Marketing has been providing professional results for their Fortune 500 clients. With advice from EFG Marketing, their clients have been improving their bottom line for over 5 years.
One must start with the product. You've got to find something that no one else is selling and then figure out how to get started. Is there something you think would be useful that you can't find anywhere? There is your product. Products are difficult because they're always evolving and competition is stiff.
Price is far more complicated because it takes into account the cost of labor and supplies for the business, whether one wants to under-sell the competition, whether one wants to play with consumer expectations, and if the consumer will realistically pay what is needed to make a profit for the product. One must look closely at other options, because the customer will, too. If one can get a similar quality alternative for much less money, is your venture really worth it?
Place is fairly simple. You want to sell your product in a place where it is likely to be bought. Who are you gearing the product to? Why? Do you have a web site? Can you expand your sales region? Do you want to?
No one is going to buy your product, however, if they don't know it exists. This is where promotion comes in. You need to get people talking about your product, if it's through viral marketing, or magazine ads, or product placement in movies.
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.
Since 2005, EFG Marketing has been providing professional results for their Fortune 500 clients. With advice from EFG Marketing, their clients have been improving their bottom line for over 5 years.
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