A successful marketing mix strategy includes price, location, product, and promotion. Companies must find the right balance to attract consumers and make a profit. Choosing the best mix depends on the company’s strengths and goals.
A marketing mix strategy consists of four different items: price, location, product, and promotion. Each marketing mix plan typically has some element of each of these features. In many cases, the most successful mix includes all four, as one company can dominate the market for each item. A company may need to create a more focused marketing mix strategy, however, if it is not strong enough to dominate. When this occurs, the marketing mix will result in a niche market of consumers for the company’s goods or services.
Price is the hinge on which free market economies swing. Companies cannot be very successful if they overcharge consumers for a product. In turn, low prices may reduce competition but not leave enough profits for the company to survive. The best marketing mix strategy is attractively and sustainably priced. While subjective in many ways, getting the right price can mean a world of difference in the marketing mix.
Choosing the best marketing mix strategy often starts with location. It starts by selecting a specific channel for selling goods and services. The most common types of sales include direct or indirect means such as distribution or wholesale. These channels are usually all of a market’s options, available if a company searches sufficiently for the different channels. Direct sales tend to require more marketing and changing consumer preference from one product to another.
The product tends to be the biggest focus of a company’s selection in a marketing mix strategy. A product generally must differentiate itself from those in the market to gain consumer loyalty. These could be new or similar products that simply have fewer features at lower prices. Companies often need to review the product lifecycle when choosing this marketing mix. For example, long-term products tend not to have many repeat customers; this situation calls for new growth through more markets with new consumer bases.
Promotion is the true marketing aspect of a marketing mix strategy. Companies must have a way to inform potential consumers about the product and its usefulness. Inputs for promotion vary widely based on the company, operating sector, product, and consumer in a market. Selecting the best marketing or advertising campaigns can be difficult here as trial and error may be required before finding the best method. Selecting the best marketing mix can be the result of following a successful strategy or doing the complete opposite to capitalize on an underserved market base.
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