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What Does Marketing Mix Mean and How Does It Apply To You?
October 16, 2007

When marketing, both online and off-line, you may have heard the term marketing mix.  What exactly does it mean?
It usually refers to the 4 P's of marketing or the 4 aspects that you can control to most effectively reach your target market.   Many times, one or two aspects are handled well, but two others are left dangling.  Without a consistent strategy, you send mixed messages to your customers.  The 4 P's are:

• Product
• Price
• Place (Distribution)
• Promotion

So how does it all work?  First, you make decisions for each by asking yourself the following questions:

Product:

1. What is its function?
2. What is its appearance?
3. What is the quality of the product?
4. How is it packaged?
5. What is the brand associated with it?
6. Is there a warranty for it?
7. What services/support are offered?

Price:

1. What is the pricing strategy?
2. What is the list price (wholesale and retail)?
3. Are there any discounts?
4. What are the allowances (if any)?
5. Are there financing options?
6. Are there leasing options?
7. Are there bundling packages, etc?

Place/Distribution:

1. What is the channel method - how are they selected?
2. What is the channel's motivation to sell your product?
3. What is the market coverage like - heavy competition or light?
4. How many locations can someone purchase your product?
5. What are the logistics in your channel?
6. What are the service levels?
7. How is your inventory handled?

Promotion:

1. What is your advertising plan?
2. How is your product presented in person (via a salesperson, retail store employee, online, etc.)?
3. What is your public relations plan?
4. What is your brand message and mission statement?
5. What is your media plan?
6. What is your budget for this?
7. Does your web presence effectively represent your brand?

Second, after you've answered your questions and thought about your tactical strategy across the board, find the holes:

1. Is your messaging consistent?
2. What are your strengths and weaknesses?
3. Where do you need to focus/re-focus and expand upon?
4. Where is your opportunity for growth?

Third, are you who you thought you were?  Is it time to rebrand yourself?

Posted by Suze Bragg on October 16, 2007 | Comments (0)