The Marketing Mix
This traditional term is used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a specific target customer group. Its a good way of understanding the broad scope of Marketing.
The ‘mix’ comes down to you offering what your customers really need and want, at just the right price, at a time and place they find most convenient and having heard about you in a way that encourages them to buy.
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The Seven Ps
The original marketing mix was called the 4Ps, and then to address the special difficulties of services marketing – 3 more ‘Ps’ were added
Targeting the market and making the goods and services appropriate to the market segment you are trying to sell into.
What are your customers prepared to pay? Price may be used to communicate the position and values of the product/service.
How and where the customer obtains the product/service. It needs to be available at the right place, at the right time and in the right quantity.
The means and mix of activities used to promote the product or service, for example: advertising, point of sale promotion, sponsorship, direct marketing, PR, exhibitions and trade shows.
Staff selection, motivation and particularly customer care training are critical.
The decor and ambience of your premises, staff & vehicles are very much part of the offer. All can have an impact on how you are perceived.
The efficiency of the process is what provides the benefits for the customer. Measurers of performance, e.g. based on satisfaction questionnaires and ‘mystery customer’ surveys, can monitor efficiency.