Everyone is aware of what the marketing mix is and how important it is for the success and growth of businesses out there in the present times. Many things are involved in it and in order to get a better understanding of all of them, individuals have been highly to study them at the earliest convenience. The mix has been made of four elements, which are most commonly known as the 4 Ps, and these play an important part in making any product successful in both the short as well as the long run. More and more companies these days can be seen to be implementing this mix as it is known to be exceptionally effective for all.
The Four Ps
The four Ps, as they are called, are includes of the Product, Place, Price and Promotion. While all of these are equally as important, they are all unique in their own way, which is precisely why even skipping a single one is likely to make the entire marketing mix not as effective as it is likely to be while using all of these elements. As far as the authenticity of this mix is concerned, it is completely legit and has been specifically created for the convenience of high end organizations these days.
Product
The product is a high end element which really has to be given a lot of significance in the marketing mix. While a lot of individuals may feel as if this can be ignored, they really should re-evaluate their priorities and see how this can actually go on to satisfy the needs and demands of the end customer. The appearance, benefits as well as the demands of a product are highlighted in this element of the mix, which is why it is taken to a whole new level in the near future. The reliability, authenticity and durability of the product are included in this.
Price
On the other hand, the price is another part of the marketing mix that has to be taken into through consideration as it is one of the most essential ones. Customers are always concerned about the prices, which is why it is important to price products according to the needs and demands of individuals. A wide range of pricing strategies exist and for different kinds of market situations as well. Therefore, this part of the mix is to be used carefully since if it is misused, the customers may end up not purchasing the product if it is too expensive or too low priced, as that signifies low quality sometimes.
Place
The next element in the marketing mix is the place. This involves the place as well as the medium through which the end product will be supplied to the customer later on. A wide range of different distribution channels have been included in this process and according to the product, the place has to be chosen carefully as it highly affects the outcome in the long run. Direct and indirect channels are good in their own way; therefore, choosing the right one is important if people wish to make use of this high end element of the famous mix. Retailers, wholesalers, worldwide internet, overseas agents and distributors are involved in this.
Promotion
The last part of the mix is promotion as this includes everything related to advertising, which is exceptionally important in order to create brand awareness as well as to build its image to perfection. Successful promotion involves direct mail, public relations, personal selling, advertising, sales promotion, trade fairs and exhibitions as well as sponsorship. Keeping all these elements in mind and using them to their fullest potential is what makes this mix work in the future.
An article by Dougles Chan, Digital Marketing Singapore Guru. He writes articles on recruitment agency, recruitmentbusiness, digital marketing and advanced SEO tips.
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