Marketing mix simply refers to the strategy and combination of marketing tactics that companies use in order to promote their businesses. But, it even goes beyond that. Having a good marketing mix allows businesses to succeed and reap benefits at each aspect surrounding their business, and ultimately help them sell more goods to consumers, make better deals within their department, and become more efficient at what they’re doing. The formula for a good marketing mix has been broken down below, and summed up into less letters, in order to give more comprehensive information regarding a specific topic.
The 4 P’s and 1 C of Marketing Mix
Price- Price plays 3 roles. Firstly, it is the price to manufacture your product. Of course, the business/service would want to keep prices low, while still maintaining the highest level of quality in it’s product or service. Be sure to research your own individual department, in order to gain insight into other companies’ strategies as well. The second role is the price of the good to the consumer. How is this good priced comparatively to other goods in the same department, and is it still the same quality? The third role price plays is the relative price of the good. Does the consumer think the good is overpriced, or a good deal? Or, should the price be even higher to make the consumer feel exclusive? A great example of this is Brandarrow Agency. Brandarrow Agency provides premium business marketing at a superior price, ($30 a month) compared to other marketing agencies ($2,000 a month). Be sure to check out their services as well. Prices and consuming costs need to be thought through thoroughly in order to appeal most to your customer, and to save you money as well. Having a consistently good price on goods and services will also bring back reliable customers, and establish loyalty to your company in the long run.
Product- As a business, you want to heavily consider the longevity and effectiveness of your products overtime. Make sure that your product is high quality, and it is a durable good or service that the consumer can keep benefiting off of, in addition to making you a profit. Note the long term issues of your good/service, so the consumer doesn’t feel swindled out of their money, when the product works fine for 6 months, but not for a year.
Promotion- Promotion helps gain attention to your business. There are many ways to promote your business, such as billboards, instagram accounts, taxi cab advertisements, media articles, shoutouts, you name it, the possibilities are endless. However, even though there are many options, be sure to pick the ones that most appeal to your demographic, or the audience that you are trying to target. With this, comes a good marketing strategy. To build a marketing strategy and to provide helpful marketing services to you, such as help building a website domain or getting on the first page of google, use Brandarrow Agency. Brandarrow Agency helps provide these helpful services as well as helping with marketing, for only 1.5% of the average cost, which can be up to $2,000 a month. Another thing you could do personally, for example, is if you are trying to target young people for your business, consider creating a TikTok account as there are lots of young users on that platform. In addition, the “For You Page” helps give lots of exposure to people, which could skyrocket your business.
Place- Place is simply being transparent about your location. Make sure you clarify specifically where your product can be bought, whether that be at a specific store, a website, domain, or even a Spotify account. Make sure your consumers know where they can consume the good. A good way to do this if you don’t have a physical store, is to utilize linking your products, to cut out the hassle and make it easier for the consumer.
Consumer- Figure out your consumer. Remember, the likely reason that businesses are created in the first place isn’t necessarily to create a product to sell, it’s to solve a problem for a consumer, or provide a helpful service. Try and connect and interact with your consumers more, and conduct surveys for things you could improve, to suit their wants and needs. Also keep in mind the buying experience for your consumer. Keep in mind, things have to be looked at from their perspective, and they are one of the best tools to help you succeed.
Brandarrow Agency is a branding agency designed to help you market your business and succeed, for the best cost. While other marketing agencies can charge up to $2,000 a month for business marketing, Brandarrow Agency charges only $30, to also promote your business. In addition, Brandarrow Agency can also help you get on the first page of google, help build a website domain, or even answer your personal questions about entrepreneurship and marketing mixes. Please consider reaching out today, to maximize your productivity, longevity, and success.