Marketing Mix Strategy

Marketing Mix Strategy

-          Deliver your products or services in a way that satisfies your customers.

-          An effective marketing strategy will help you to define the overall direction and goals for your marketing.

-          Your strategy should articulate how you are going to deliver your products or services in ways that will satisfy your customers.

-          Once you have defended your customers or target market, you need to start developing and implementing tactics to reach them. The marketing mix will make up the tactical elements you will use to carry out your strategy and reach your target market.

Marketing Mix Tactics

Identify the tactical action steps which will turn your strategy into a reality in your marketing plan, using the guide below. The seven tactics below are sometimes referred to as the 7Ps because they all start with the later p.

1. Your product or service

What product or services are you going to offer? Discuss the branding, the packaging (where applicable), and ongoing product or development. You should consider the features and benefits you offer, your unique selling points (What makes your product/service different from everyone else's) and what potential spin-of products of services might be.

2. The pricing of your product or service

Price is a critical part of your marketing mix. Choosing the right price for your products or services will help you to maximize profits and also build strong relationships with your customers. By pricing effectively, you will also avoid the serious financial consequences that can occur if you price too low (not enough profit) or too high (not enough sales).

3. Your positon (place) in the marketplace

Whether it's a retail store, online shop or on social media, 'place' refers to the channels and locations for distributing your product, related information and support services. This is how you will positon your product in the marketplace, it's the location where a product can be purchased. Often referred to as the distribution channel, this can include any physical store (e.g. supermarket) as well as virtual stores (e.g. eBay) online.

4. The promotion of your product of service

How do you promote and market your business now (or intend to)? Regardless of how good your business is, if you don’t promote it and tell people you exist, it’s unlikely you will make many sales. Promotion is about attracting the right people to use and reuse your business. There are a number of techniques to use and they can be combined in various ways to create the most cost effective strategy for your needs. This can include online, branding, public relations and advertising.

5. The people in your business

(e.g. salespeople, staff)

If you have employees in your business, they can influence the marketing of your products and services. Knowledgeable and friendly staff can contribute to creating satisfied customers, and can provide the unique selling experience that an organization is often seeking. If an outstanding team provides a competitive advantage, then the quality of recruitment

6. The process represents the buying experience

Process represents the buying experience the customer gets when they buy your product or service.

7. The physical environment where the good/services are presented

The physical environment where your products or services are sold and delivered can have a significant impact on how your customers' experience your business.

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