Marketing mix decisions involve product, price, location, and promotion. Understanding the product and target market is crucial for effective marketing. Pricing, sales outlets, and promotion methods must also be considered to generate the greatest return on investment.
Marketing mix decisions deal with each of the four categories usually associated with marketing strategy, paying particular attention to factors involving product, price, location, and promotion. In order to make effective marketing mix decisions, it is imperative to adequately evaluate the potential of the products manufactured by the company, identify the consumers most likely to purchase those products, and determine the most likely ways to evaluate and promote those products to those consumers. . This process often involves considering several different scenarios and making informed projections of outcomes before a final decision on the ideal marketing mix is made.
One of the first issues to consider in marketing mix decisions is the characteristics of the product itself and which sectors or groups within the consumer market are most likely to be attracted by those attributes. Understanding the nature of the product, how it works, and why it should be chosen over similar products offered by competitors forms the foundation for how the company will attempt to connect with the right consumers and motivate them to make purchases. During this stage of the process, attention must be paid to all aspects of the product itself, right down to the way it is packaged.
Marketing mix decisions require close attention to product pricing. The idea here is to assess how much consumers are willing to pay to have access to products. This often involves comparing competitors’ prices and determining whether the attributes that set your product apart from the rest are likely enough to draw consumers away from those other similarly priced products. Understanding the degree of demand the product is likely to generate and balancing that with manufacturing costs can make it easier to create a competitive but still sufficient retail price range for the manufacturer to make a decent level of profit per unit sold.
Attention to where products are sold will also be crucial in making marketing mix decisions. The idea is to organize outlets where interested consumer groups can inhabit on a regular basis. This includes brick and mortar retail outlets, mail order opportunities, and even web sales. By understanding the characteristics that define the ideal customer for your product, it’s much easier to decide how to ensure that your product is easily accessible for purchase.
A final crucial element with marketing mix decisions has to do with effectively promoting or marketing those products, so as to raise consumer awareness. Again, this involves understanding the nature of your desired customers and using promotional tools that make connecting with that customer base as effective as possible. Depending on the product and the type of consumer who is most likely to purchase the product, the promotion effort may involve a combination of radio and television advertising, ads in print publications, and even the use of banner ads and online promotional pages. By assessing the possibilities of your desired customer demographics actually using these types of media, you can focus your promotion efforts more efficiently and generate the greatest return on your investment in the effort.
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