How to Make the Right Marketing Strategy with a Marketing Mix
Marketing is one important element that must be considered by a company. This marketing process that ensures that every product from the company can reach consumers. Therefore, special strategies are needed to carry out marketing activities and ensure that the company gets the profit as expected.
Determining the marketing strategy is actually easy. However, you cannot simply over-grade it. Remember, in the business world there is also competition. If you are not good at determining your marketing strategy, your competition might benefit from your decision.
For this reason, careful and precise consideration is needed when creating a marketing strategy. One marketing strategy that is widely used is the marketing mix strategy. The marketing mix strategy is considered to help companies get the maximum profit. For more details, see the discussion about the following marketing mix strategy.
Understanding of Marketing Mix Strategy
According to Kotler and Armstrong, the marketing mix is a set of marketing variables that can be used by companies to pursue their sales levels. In other words, the marketing mix is a marketing strategy that combines elements in the marketing mix itself and is run in an integrated manner.
The marketing mix has several elements, known as 4P. For those of you who are engaged in marketing are certainly not familiar right? Yes, 4P is Product, Price, Promotion, Place. However, along with the times, the 4P mix marketing strategy has grown to 7P.
What is the 7P Element?
As mentioned before, 7P is in addition to 4P. The elements are:
The first element of mix marketing is the product. You must determine what products or services will be offered to consumers in the market. The product has two elements that need attention: quality and visual. You have to ensure the quality of your product well, besides that consumers must also feel the need to buy a product or service that you are not just interested in.
The easy way you can do is to do a little research into the target market. Research conducted can include market response information, consumer desires, and so forth. Through the information we get from research, we can compare your product/service with competitors, find out the advantages and disadvantages of your product.
After that, you can do an evaluation to improve the quality of your products and services, match the product to the wants and needs of consumers, and provide an overview of product prospects in the future.
Regarding prices, you need to consider the amount of costs that have been incurred to get a combination of goods and services to be provided to consumers. In determining the price of a product, you must calculate it based on the cost of production, capital, and add a few percent profit.
The selling price must be in accordance with market prices, neither too high nor too low. This is to prevent bankruptcy of course. If you want to sell at a higher price, give a striking difference compared to your competitors, such as quality, variants. So consumers feel “worth it” with the price of the product.