No, the marketing mix isn't something packaged like the image shown above, that you can just purchase at your local grocery store. Much like your favorite cake or cookie recipe, it takes the right key "ingredients" to get ideal marketing for your brand.
Marketing mix is the right product at the right place with the right promotion for the right price. A combination of these factors can be controlled by your brand to influence consumers to purchase your products. But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel economy in a country where fuel is very cheap, or publishing a textbook after the start of the new school year, or selling an item at a price that's too high – or too low – to attract the people you're targeting. Let's examine a few questions to consider:
-What need does your product or service satisfy?
-How are you differentiated from your competitors?
-Where do buyers look to access your product?
-What is the value of the product or service to the consumer?
-Are there already established price points in this industry?
-Where and when will you get your messaging across to your target market?
-Is there seasonality in your market?
These are just a few of the things to consider for the marketing mix of your product/service. Contact us today to make sure your marketing mix is on the right track for your brand!