Marketing Mix Strategy
Supercharge Your Marketing Mix
With a Great Strategy
It's Just Three Simple Steps.
A marketing mix strategy is the set of steps that are matched with the target market opportunities in order to achieve organizational objectives."Phew... glad I got that out" A marketing strategy essentially consists of three steps – • Targeting market selection
• Setting market objectives
• Developing the marketing program
Who Do I Sell To?
A firm needs to decide whether they're going to market their products & services en masse or focus on a particular niche.The
advantages of niche marketing
are well worth considering. Secondly, it is very important to determine when an existing marketing mix strategy needs to be modified. And finally, deciding when to stop serving a particular target market is also important. Obsolete or unsaleable products that are not able to survive against competition or declining industry growth rates, need to be withdrawn from sale as soon as possible.
Objectives.
Marketing mix objectives should be set and stated for each target market in quantitative terms like sales, market share and contribution to profit.They should also be set in qualitative terms like attracting new customer groups, strengthening brand image, building customer awareness and attitudes, and educating the customers about brand features and benefits. And
profit maximisation
in all areas of your business should be a constant focus.
The Marketing Mix Strategy.
Market potential is the maximum possible sales of a product in a specific market in a specific time period.It is the aggregate of the sales possible by all the sellers in that industry. Consisting of the strategic use of the variables that influence demand, product, price, place and promotion are the four elements that constitute the marketing mix. These variables must be consistent with one another. A quality product image is inconsistent with a heavy price discount or making the product available at a low-cost retail outlet. A value-for-money or economy image is inconsistent with a highly stylized product placed in an exclusive retail outlet. Targeting a market segment without considering the firm’s resources and ability or developing a marketing mix strategy which matches the firms resources but does not consider target market requirements, are best left to the suicidal. Keep it simple... focus on what you sell & who buys it.
Modern Net-Wit:
"Smoking kills. If you're killed, you've lost a very important part of your life" .........................................................................Brooke Shields
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