Marketing Mix
Marketing Mix
A marketing mix refers to the actions or strategies adopted by a company in a bid to present itself favorably to potential customers existing in its market. The choice of the marketing mix to be adopted by a company is usually aimed at ensuring that a company maintains and increases its level of sales. The four main components that make up a marketing mix include a company’s products, price, promotion and place of sales.
Each of the marketing mix components mentioned above affect a company’s marketing effectiveness in various ways. For example, every company must be careful about the product aspect of its marketing mix. There are a number of factors that a company needs to consider when strategizing on the product aspect of its marketing mix. The first factor that a company needs consider when deciding on the product aspect of its marketing mix is to identify what qualities or satisfaction customers intend to obtain from a product or service. A company is then required to identify the features that should be incorporated into the product or service in order to satisfy the requirements of consumers. Some of the other factors that companies need to consider when coming up with the product aspect of their marketing mix include what size, name and color they should use when producing their products. Companies should also consider how to brand and differentiate their products from those produced by rival companies (Manktelow & Carlson., 2012).
The second aspect that a company should consider when strategizing on its marketing mix is how it shall set the price for its products. The pricing decision is very crucial to a company since it determines the amount of profit that a company will make from its sales. When setting the price for its products, a company should first evaluate what value a buyer will obtain from the product or service. A company should also consider the level of sensitivity of demand that its products have to a change in the price.
A marketing mix refers to the actions or strategies adopted by a company in a bid to present itself favorably to potential customers existing in its market. The choice of the marketing mix to be adopted by a company is usually aimed at ensuring that a company maintains and increases its level of sales. The four main components that make up a marketing mix include a company’s products, price, promotion and place of sales.
Each of the marketing mix components mentioned above affect a company’s marketing effectiveness in various ways. For example, every company must be careful about the product aspect of its marketing mix. There are a number of factors that a company needs to consider when strategizing on the product aspect of its marketing mix. The first factor that a company needs consider when deciding on the product aspect of its marketing mix is to identify what qualities or satisfaction customers intend to obtain from a product or service. A company is then required to identify the features that should be incorporated into the product or service in order to satisfy the requirements of consumers. Some of the other factors that companies need to consider when coming up with the product aspect of their marketing mix include what size, name and color they should use when producing their products. Companies should also consider how to brand and differentiate their products from those produced by rival companies (Manktelow & Carlson., 2012).
The second aspect that a company should consider when strategizing on its marketing mix is how it shall set the price for its products. The pricing decision is very crucial to a company since it determines the amount of profit that a company will make from its sales. When setting the price for its products, a company should first evaluate what value a buyer will obtain from the product or service. A company should also consider the level of sensitivity of demand that its products have to a change in the price.