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Understanding The Marketing Mix

What it isThe Marketing Mix« is a term used todescribe the combination of tacticsused by a business to achieve itsobjectives by marketing its products orservices effectively to a particular targetcustomer group. It is also referred to asthe 4 Ps« ¬ Product, Price, Promotionand Place, or the 7 Ps« ¬ the 4 Ps withthe addition of People, Process andPhysical Evidence.Why it is importantBusinesses need to make surethey are marketing ¬— The right product to— The right person at— The right price in— The right place and at— The right timeFor example, if you manufacture pens, and have decided to targetschoolchildren, it would be moreappropriate to market ¬— Coloured ballpoint pens (product)— At a low price (price)— Selling them through newsagentsand stationers (place)— And promoting them through point of sale material (promotion)than it would be to market ¬— Gold fountain pens (product)— At a high price, including insuranceagainst loss (price)— Selling them through specialistoutlets and jewellery stores (place)— And promoting them in glossy magazines and SundaySupplements (promotion)What you should doMake sure you have identified each of your target customer groups. If youhave not already done so and wouldlike further information on groupingyour customers, take a look at our 10-minute Target Customer briefing.Now, with each customer group in mind, work through the stepsoutlined below.ProductMarketing is about identifying,anticipating and satisfying customerneeds. You need to be sure that yourproducts and services continue to meetyour customers« needs.1. Carry out simple research byasking your customers ¬— What they think of eachproduct/service— How satisfied are they with the quality— How satisfied are they with any support services you may provide— How effective it is in meeting their needs— How they see their needschanging in the short and long term future2. Carry out step 1 for each product or service you offer3. Have a system for collecting andanalysing feedback from...