Marketing Mix

What ingredients do you need to put into your mix?

Marketing Mix

The ‘Marketing Mix’ is a term used to describe the combination of day-to-day tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group.

So it really comes down to you offering:

  • What your customers really need and want
  • At just the right price
  • At a time and place they find most convenient
  • Having heard about you in a way that encourages them to buy. 

 

The Seven Ps

The original marketing mix was called the 4Ps, and then to address the special difficulties of services marketing – 3 more ‘Ps’ were added

  • Product

Targeting the market and making the goods and services appropriate to the market segment you are trying to sell into.

  • Price

What are your customers prepared to pay?  Price may be used to communicate the position and values of the product/service.

  • Place

How and where the customer obtains the product/service. It needs to be available at the right place, at the right time and in the right quantity.

  • Promotion

The means and mix of activities used to promote the product or service, for example: advertising, point of sale promotion, sponsorship, direct marketing, PR, exhibitions and trade shows.

  • People

Staff selection, motivation and particularly customer care training are critical.

  • Physical Evidence

The decor and ambience of your premises, staff & vehicles are very much part of the offer. All can have an impact on how you are perceived.

  • Process

The efficiency of the process is what provides the benefits for the customer. Measurers of performance, e.g. based on satisfaction questionnaires and ‘mystery customer’ survey

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