Marketing mix strategy is about achieving your marketing objectives through proper analysis of the 4 Ps or elements of marketing, namely:
A successful marketing mix depends on the right combination of these marketing elements.
For example, if the pricing of a product or service is higher, instead of changing the price, you can add new features to the product or change the service. You can also make the product or service available more conveniently to the customers.
Each elements of marketing mix strategy affects the other and the proper combination of these four elements is the key to the success of any marketing process.
Product Mix Strategy is about determining features of your product or service. Product mix strategy deals with:
The price of a product can be fixed in many ways. Marketing mix pricing is a tool that helps in settling on a pricing strategy, considering the followings:
Place marketing mix is nothing but distributing product to the customer. Few instances for this:
Promotion mix strategy deals with the available tools for marketing communications. This element helps in deciding on the location, where the customers will get the product or service. Promotion mix strategy also deals with:
Sales mix strategy is nothing but the point of influence of price and promotion on sales, and its revenue and profits. Sales mix strategy is depended on following factors:
Marketing mix is a tool that assists in defining a marketing strategy for the product or service. Marketing Strategy and Marketing Mix are closely related to each other. Proper marketing mix analysis is very important for implementation of your marketing plan to achieve the business goals. An organization's strategy impacts its marketing mix: