When was the last time you reviewed how your small business is promoting and selling to your customers?
The ‘Marketing Mix’, also known as the ‘4 Ps’, is used to review your product or service. A review may take place as a one-off exercise or as part of an annual review of your business strategy. The four elements of the ‘Marketing Mix’ are ‘Product’, ‘Price’, ‘Place’ and ‘Promotion’.
Product
- Physical – feel, colour, sizes etc
- Benefits provided
- Brand
- Tangible and Intangible elements
- Packaging
- Warranties
- Product development
Price
- Value or quality
- Value of benefit provided
- Market segment pricing
- Customer sensitivity to changes in price
- Discount structures
Place
- Where is the product consumed and how does it get there?
- Distribution channels
- Sales locations
- Physical or virtual locations
Promotion
- Advertising strategy
- Physical channels for advertising – tv, newspapers, radio, magazines etc
- Virtual channels for advertising – social media, you tube, internet etc
- Brand consistency – Tag lines, focused niche market
Marketing for Services
Services also have three extra elements that help to create the customer experience.
- People – interpersonal skills, knowledge, experience etc
- Process – systems used to achieve a consistent level of service.
- Physical Environment – modern, clean, inviting etc.
Summary
The ‘Marketing Mix’ is about getting the right product or service, to the right people, at the right time, for the right price. And, if you can understand and control all the elements that make up your customer’s experience you are on your way to setting your small business free.
© Business Set Free Ltd 2013
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