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Introducing A New Product? Take A Look At The Marketing Mix Strategy!
Marketing a product, service or brand as a whole can be a challenging process. Developing products, logos, slogans, names and company colors must all be taken into consideration when one begins to market!
There are many strategies one may consider when marketing a new business, brand or product. One of the most commonly used and well known methods in the 4 P’s of Marketing, or also known as, the “Marketing Mix”.
The “Marketing Mix” is broken down into 4 P’s:
The first P in the Marketing Mix breakdown is Product. Product stands for exactly what it is. It’s all about figuring out the details of your product, specifications and services. From there you need to figure out how it relates to your future customers’ wants and needs, this is done by creating a specific target audience. Will your product include warrantees or guarantees? These are other details to consider when working out a marketing strategy.
The second P of the Marketing Mix strategy is Pricing. After you develop a specific product with warrantees and guarantees you need to develop a price or pricing strategy. The pricing refers to your strategy of establishing a price for a product, while taking into consideration any discounts that you may offer. You must also take your target audience and competition into consideration when establishing a strategy. Your products should be affordable to your target audience while maintaining an edge on your competition.
The third P mentioned in the Marketing Mix strategy is Placement. Placement is a very important part of the mix. It refers to how your product gets to the consumer. At times people have referred to this third P as Place, meaning where your product is sold or how. You may sell your product through a retailer at a storefront, or like SheetLabels.com, you may sell your product online.
The fourth and final P is Promotion. Promotions refer to advertising, sales and publicity. Will you be offering discounts to new customers? Will you be sending coupons through the mail or by email? Promotions are key selling points for many companies. New customers and repeat customers alike love sales and discounts of any kind!
When walking through the Marketing Mix there are many questions that you should ask yourself, like:
- How and where will my customer use the product?
- What will this product or company be called?
- Where do buyers look for the product or service?
- How can I access the right distribution channels?
- What is the value of the product or service to the buyer? How will the price compare with the competitors?
- Will the product reach its target audience by advertising in the press, or on TV, on the radio, or on billboards?
Marketing is far from easy, but it holds great benefits for both small and large companies. Establishing a new product, brand or company can be especially difficult but, understanding and utilizing a marketing strategy will jump start your consumers’ knowledge of your products or services!