When you are ready to start marketing any type of product or service on the Internet, or even if you have a real world business, using the marketing mix strategy is absolutely necessary if you want to get positive results. This was originally made by a man by the name of Neil Bourdon back in the 1950s, and it has subsequently changed. Although the original 4 P’s still remain, two additional strategies have been added which have made it even more useful. Let’s go over what this is, how it works, and why it is what will allow you to become more profitable with your business this year.
Understanding The Marketing Mix Strategies
The original strategy that was used was called he 4 P’s. It represented price, product, promotion and place. This four-part strategy was actually made by a person named MacCarthy, something that has been around since the 1960s. The first part references the product, and the main goal is to make sure that it is what will satisfy a consumer with either an intangible service or a tangible good. Next, the price of the product is determined, measuring it up against customer perceived value, helping to establish the best and most profitable price point. The third part is called promotion which is essentially how you market this. This would be done not only through traditional means, but through Internet marketing strategies such as PPC traffic. Finally, is distribution which simply means how the product or service is delivered, choosing the most effective way to get the product or service to the customer.
New Strategies Added To The Mix
Two other multi-part strategies were added which are seemingly derivatives of the original. The first one is the 4 C’s which refers to the consumer, cost of the product, communication with the buyers, and how convenient it is to access. Finally the 7 C’s were added, referred to as a Compass Model, which looks at many different things including the needs and wants of the customer, as well as their education and social economic situation, more than likely the precursor to modern day demographic analysis. The combination of all of these strategies can help you determine who your target market is, what products are selling, and what type of advertising can help you make the most money.
Although it should be as simple as figuring out what people want to buy, and providing it for them, there are many other details to consider. By using this marketing mix, you should be able to find a way to connect with an audience that will be interested in your product or service, helping you to make more money this year. Even if you do not use the multi-part strategies exactly as presented, you can always learn from the techniques that they offer when trying to sell things either through regular advertising or online. They are simply guidelines, and once you are able to connect with the right demographic of individuals, selling products and services will simply be very easy.
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