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Marketing mix strategy is about achieving your marketing objectives through proper analysis of the 4 Ps or elements of marketing, namely:
- Product
- Price
- Place
- Promotion
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
Product Mix Strategy is about determining features of your product or service. Product mix strategy deals with:
- The product life cycle
- Brand name
- Packaging
- Design
- Quality
- Safety
- After sales service
Marketing Mix Pricing
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:
- Retail price
- Wholesale price
- Special offers
- Penetration pricing
- Price skimming
- Optional product pricing
- Geographical pricing
Place (distribution) Marketing Mix
Place marketing mix is nothing but distributing product to the customer. Few instances for this:
- Warehousing
- Distribution centers
- Reverse Logistics
- Transportation
- Inventory Management
Promotion Mix Strategy
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 promotion
- Distribution channels
- Advertising
- Sponsorship
- Trade Fairs and Events
- Logistics
- Storage
Sales Mix Strategy
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:
- Decision Making Process
- Market response to price
- Market response to promotion
- Profit contribution and strategy
- Budget Deviations
- Cost of budget deviations
- Team Working
- Behavior observation
- Observers
Marketing Strategy and Marketing Mix Strategy
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:
Long term Marketing Mix Strategy:
- Brand building and increase company awareness
- Revenue grows gradually with permanent effects
- Healthy relationships with distributors and others
- Scope for research and development
Short Term Marketing Mix Strategy
- Creates immediate revenue
- Results are direct and quantifiable
- The effect is temporary
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