Market Mix

Examples of Market Mix in the following topics:

• Creating a Marketing Mix

  • By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.
  • To do so, managers use a technique called the "Marketing Mix" (commonly called the four P´s):
  • The key is to choose a marketing mix that is efficient.
  • To create a viable marketing mix, a company must first know its customer, goals, and budget.
  • State the information to consider when deciding on a marketing mix

• Characteristics of the Product

  • The unique characteristics of a product should be used as inputs in determining the product's marketing mix.
  • Product characteristics help determine the marketing mix, potential target market and the pricing of a product.
  • It is the combination of demand for a product and its price that help determine the marketing mix.
  • In addition, different marketing strategies are used depending on the target market.
  • Examine how the characteristics of a product impacts the selection of a promotional mix

• Making Appropriate Changes to Product, Placement, Promotion, and Pricing

  • Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment.
  • Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment .
  • Each element of the marketing mix must coordinate with other elements in the marketing program to ensure maximum reach and impact.
  • Promotion is probably the marketing mix element most impacted by social media.
  • Consumers intentionally and unintentionally use social media to purchase, evaluate and ultimately influence a brand's marketing mix.

• Promotional Objectives

  • There are three main promotional objectives: inform the market, increase demand, and differentiate a product.
  • The promotion mix is an element of the marketing mix.
  • Information about the product will differ depending on the specific target market.
  • Differentiate a product: This is especially important if there are multiple competitors in the same market.
  • In order for a market to accept a new product they need to know how it address their pain point.

• Changes in Placement

  • Successfully positioning products on a global scale requires marketers to determine the target market's preferred combination of attributes.
  • The global marketing mix comprises four main elements: product, price, placement and promotion.
  • Global marketing presents more challenges compared to domestic or local marketing.
  • These attributes span the range of the marketing mix, including price, promotion, distribution, packaging and competition.
  • Regardless of its size or visibility, a global brand must adjust its country strategies to take into account placement and distribution in the marketing mix.

• The Relationship Between Product and Promotion

  • Product and promotion in global marketing can work together effectively with proper market research and communication techniques.
  • With the rapidly emerging force of globalization, the distinction between marketing within an organization's home country and marketing within external markets is disappearing very quickly.
  • These changes also have prompted brands to customize their global marketing mix for different markets, based on local languages, needs, wants, and values.
  • Moreover, promotion is one crucial component of the mix that enables a global company to send the same message worldwide using relevant, engaging, and cost-effective techniques.
  • While global promotion enables global brands to engage in uniform marketing practices and promote a consistent brand and image, marketers also face the challenge of responding to differences in consumer response to marketing mix elements.

• Marketing Performance Metrics

  • Building a knowledge base of current and historic data that help drive marketing mix decisions and steer the company through rapidly changing market conditions
  • Moreover, industry experts have developed various metrics – notably, return on marketing investment (ROMI) – to help marketers measure the performance of activities across the marketing mix.
  • ROMI, a relatively new metric, is marketing contribution attributable to marketing (net of marketing spending), divided by the marketing "invested" or risked.
  • [Incremental Revenue Attributable to Marketing * Contribution Margin (%) - Marketing Spending] / Marketing Spending ($)
  • Nevertheless, in most cases, a simple determination of revenue per dollar spent for each marketing activity can be sufficient to help make important decisions to improve the entire marketing mix.

• Product Line Breadth

  • The product mix breadth is five.
  • Who will be the target customers (i.e., the boundaries of the market segments to be served)?
  • The product mix of a company is generally defined as the complete set of all products a business offers to a market.
  • For example, all the courses a university offers constitute its product mix, courses in the marketing department constitute a product line, and the principles of marketing course is a product item.
  • Describe the relationship between product line breadth and the product marketing mix

• Methods for Evaluating Marketing Performance

  • KPIs, ROMI, and Accountable Marketing are all metrics that are used to track marketing performance.
  • Marketing Performance Measurement, Marketing Performance Management, Marketing Return on Investment (ROI), Return on Marketing Investment (ROMI), and Accountable Marketing are all metrics that companies use to connect marketing performance to the financial performance of the organization.
  • In order for marketing KPIs to be integrated within the business and management of the enterprise, and ensure consistency and reliability across the marketing mix, they must meet these minimum requirements:
  • Since marketing campaigns are typically integrated across all channels (e.g., print, email, and social media), these channels are measured together to understand the overall effect on target markets.
  • Companies using formalized methodologies continually gather and monitor marketing data to understand where the marketing plan is strong and where it needs improvement.

• The Importance of Evaluating Marketing Performance

  • Evaluating marketing performance guides future marketing initiatives and helps a company achieve its goals.
  • Marketing performance metrics or key performance indicators (KPIs) are useful not only for marketing professionals, but also for non-marketing executives.
  • As marketers face more and more pressure to show a return on investment (ROI) on their activities, marketing performance metrics help measure the degree to which marketing spending contributes to profits.
  • Determining what areas of the marketing mix – product, price, place, and promotion – need modification or improvement to increase some aspect of performance
  • Establishing marketing performance metrics is integral to helping brands satisfy customers, establishing a clear company image, being proactive in the market, and fully incorporating marketing into the company's overall business strategy.