WHAT'S YOUR MARKETING RECIPE?
Here is the BASIC MARKETING RECIPE all Marketing Consultants & Experts use.
Like with a cake, your ingredients and the right amount of each are a big part of what will give you the success you need.
These 4 elements are what as marketers we use to create a comprehensive marketing strategy that addresses the needs and preferences of your target audience while maximizing the potential for sales and profitability.
Technically, the Marketing Mix is a business model used by marketers to identify and execute a range of actions that can influence the customer's decision to purchase a product or service. It consists of four essential elements, also known as the "four Ps":
PRODUCT:
Refers to the actual product or service being offered. This includes the physical characteristics, features, quality, design, packaging, and branding of the product.
PRICE:
Refers to the price of the product or service, which can vary depending on the target market, competition, and other external factors.
PROMOTION:
Refers to the methods used to promote the product or service to the target audience. This can include advertising, sales promotion, public relations, personal selling, and direct marketing.
PLACE (Distribution):
Refers to the channels used to distribute the product or service to the target market. This includes both, physical and digital channels such as retail stores, e-commerce websites, wholesalers, and distributors.
IN SIMPLE TERMS:
As marketing experts, the 1st thing we always do is analyze your current target audience and the one you want to get to. Then, we analyze what your product/service is, the values attached to it, the look and feel, the branding, and everything that has to do with experiencing the brand and product or service. This will tell us WHAT NEEDS TO BE CHANGED and WHAT WE CAN TAKE TO PROMOTE HARDER.
Then we analyze the price. Depending on market status, your competitors, and where you want to position yourself, this piece can look very different and it's one of the hardest parts in many industries.
Then comes the CREATIVE PART of promotion. Many will think only on Instagram and social media while so many platforms and actions are needed for a successful marketing mix. Are you only doing social media? It's time to talk!
Place... so many don't pay attention to this piece and don't understand the dimensional possibilities of it. How it can help them scale with the right actions...
LET'S CHECK YOUR MARKETING MIX!
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