Marketing Mix Strategy

So what is the ideal marketing mix strategy? How can you develop an optimal marketing mix? Your marketing mix choices must be made based on what your customers need, and what is your unique value proposition. Follow the questions below to develop your unique marketing mix for each of the 4 P's:

Product or Service:

  • What are the top three needs of your target customer base? What keeps your customers awake at night?
  • What unique value do you have to offer that meets those customer needs?
  • Will you offer a single product or service, or will you have multiple options to target different needs or segments?

Price:

Your marketing pricing strategy will be impacted significantly by how you answer these questions:

  • How do you want customers to perceive your product: the budget choice, the luxury item, or something in between?
  • What is your competitors' pricing, and how does your product or service compare to theirs?
  • Will you have a single product at a single price, or offer multiple levels of pricing to target different segments?

Place:

  • Where do your customers typically look for a solution to their need? That could be a physical place (eg, a retail chain) or a distribution channel or other medium (eg, online).
  • How do your competitors get their product to the end customer?
  • What is the optimal / fastest / most cost-effective way to deliver your product or service to your customer?

Promotion:

The answers to these questions will help you define a strong marketing promotion plan:

  • What media do your target customers read or view? (magazines, TV shows, websites, blogs, forums, stores, etc)
  • Where do your customers go to find information to help them solve the problem that your product or service addresses?
  • When will target customers be most receptive to learning about your product or service? (eg, at a certain time of year, at a certain place, while doing a certain other activity, etc).



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