What is the right marketing formula for a business? The marketing and sales departments have always wondered about this. The marketing formula is much like a recipe for this much of X, and that much of Y. And in the end what you have is a combination that either is a success story or a total failure. This combination is known as the "Marketing Mix '.
What else to investigate and also the channel options for a company.
How much to offer, at what price to offer, where to offer and how to offer. These 4 are the essential questions to which the company must find an answer and this has born 4 4 P P. These involve the strategic positioning so that the returns are the most in a given market. The mixture is also used to refer to the combination of the media to promote
Marketing Mix as radio and television, newspapers and magazines, advertising billboards and the Internet. It is a combination of (these are the marketing mix 4P) Product
Price Promotion Place
The product is of course very important and business success will depend largely on how well it is the decision as to the nature of the product also has to rely on their customer base as well as their habits. Purchase, geographical locations, purchasing power and other factors. Sometimes a company may want to go out with the best there is, and sometimes the same business might market a product that is for the client's budget. An example is Tata Motors that owns the Jaguar (which is a premium brand) and also the Nano (which is the world's cheapest car).
Price: The amount a prospect is willing to pay for the product. There is always a fair price for a product if it has a higher than this, then you may sell price, and if the price is lower then the company could be losing revenue. But there are many issues on the basis of a company determines the price and that is not just limited to the cost of manufacture thereof. These other factors include even local perceived value of the product in the customer's mind, the market share of the company, competition and tax regulations and distribution and logistic costs. Then there are issues such as seasonal fluctuations should also be considered.
Location: The question, where the product offered is answered here. What are your distribution channels, how and at what price is the deposit business elements, what are the costs of order processing and how it will do These are just some questions that need to be answered.
Promotion: Promotion includes advertising and marketing effort to give a product of the enterprise customer. The management of the sales force (for a traditional business) also belongs to this. What is the best promotional strategy for a company, however, will not be the same. It will vary depending on the product itself, the market, the customer and also the budget of the company.