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Marketing
Mix
Once you know your Target Market, your task is then to define what
does the target buy.
The target buys a product at a place for a price
after promotion brings it to the attention of the Target Market.
Your
marketing effort will not be centered around advertising alone because all
components of the marketing program are essential. These components are
generally known as the Marketing Mix.
Product,
place, price and promotion are the
components of a Marketing Mix.
A
marketing mix is only as strong as its weakest component, thus a Marketing Mix
must be in proper balance to create personality (product image) that meets the
needs and desires of the target market.
If any of the components of the
Marketing Mix are out of balance, a situation would result in the target market
not being served efficiently by the marketing Marketing Mix in use.
Promotion:
This element consists of advertising,
personal selling, sales promotions, and publicity. All should be in balance
with the other components of the marketing mix.
Price:
For what
price should the item sell? Should the price be given in the ad? Does the
target market tend to equate price and quality? Should psychological pricing be
used ($0.99 vs $1).
Place:
Where are the retail outlets located? How is
the product positioned in the place of purchase?
Product:
The
personality (image) of a product is in fact the result of a marketing mix and
at the same time an integral part of it. The image conveys the personality of
the product.
Product, price, place and promotion create the image of a
product. These elements can also destroy a product if the marketing mix is not
properly balanced. |
