What is a Marketing Mix you may be asking? Well, the term “Marketing mix” was first expressed in 1960 by E J McCarthy. Marketing Mix is a phrase used to describe the 4 key choices one has when they bring a product or service to the market.

These choices will affect for example how the consumer feels about the value of the product for the price they paid. You can determine your target market by changing the mix of the 4 different choices.

Let’s take a look at the 4 different pieces of the Marketing Mix and how they will affect your business.

 Marketing Mix Ingredient #1 -  Product

The first piece of your Marketing Mix is your product. A product can be a tangible item such as an MP3 player or a service like a Cell Phone Plan. If the product is a tangible item, you will need to make decisions on things like: Branding, Functionality, Quality, Packaging and Support.

This may be a product you created to help others or even a product produced by your business. If it is your own product for example, you should ask yourself these questions.

  • What makes it different than other products on the market?
  • What does your customer want to gain from this product?
  • What will the product be called?
  • How will the product be branded?

Marketing Mix Ingredient #2 – Price

The price is simply the amount the customer pays for the item or service. When you price your item or service, you will want to take into account things like maintenance, discounts, profit margins and multiple pay options. To help you select the right Marketing Mix for your price for your product or service, consider asking yourself the following questions.

  • What is the value the customer will get from my product or service?
  • Should I offer discounts?
  • Should I bundle my product or service with other items to raise its value to the customer?
  • How will my price compare to other products on the market?

Marketing Mix Ingredient #3 – Place

Place can mean many things now a days. Back when the Marketing Mix was first formed, customers generally went to a store to buy a product or sign up for a service. Today, this Marketing Mix piece could be many different things. We have the internet and products and services can literally be bought almost anywhere. You may even need to consider something as simple as where will you offer your product or service on your blog? You may find it gets more attention at the top of your blog rather than at the bottom.

You may also be able to market your item at one of the well-known online retail sites like EBay or Craigslist. Here are some questions you’ll want to ask yourself when thinking about your Marketing Mix and where your customer will purchase your product or service from.

  • Where would your customer look for your product?
  • Where are your competitors marketing their products?
  • Should you market your product on social media sites like Facebook and Twitter as well?

Marketing Mix Ingredient #4 – Promotion

Not only do you have to consider where you are going to market your product, but you need to take into consideration how and when you will market your product. There are so many different ways today it can really make your head spin. Choices like Printed Advertisements, TV, Radio, Social Media, Blogs, Online Retail Sites, Direct Mailing, Bandit Signs and many more.

You need to consider your situation. If you have a tight budget than you may want to pursue some of the less expensive choices like Social Media. When considering something like social media, you’ll want to take into account the peak points of the day. Many people check their Facebook accounts before they go to work, at lunch and after they get home. So, trying to promote something on Facebook at 11PM at night might now work out so well. Here are a few questions you’ll want to consider when thinking about the 4th piece of your Marketing Mix – Promotion.

  • What is the most effective way to market your product that suits your budget?
  • Are there certain times of the day that would achieve better results than others?
  • Is there a certain time of the year when you will really need to ramp up your marketing?
  • How is your competition marketing a similar product?

You will be able to target a specific target audience by putting more weight in one area versus another. Think about a batch of cookies. Most batches of cookies contain the same flour, eggs, milk and sugar. But if you change the amount of each one, you will end up with totally different cookies. You can adjust which of the 4 Marketing Mix Choices you put more emphasis on to steer your product to your target market.

Here’s to your future success!

 

 

 

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Marketing Mix

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