Marketing Mix Elements, we cannot deny that marketing is the spearhead of a business, without marketing any business will fail. failure of a business usually lies in consumer confidence in the business.
But as a new business, trust is not the main problem, the main problem of the new business is how to sell to consumers.
In a previous article, we discussed the marketing mix definition, where we discussed a little more about the Marketing Mix Elements that can help our business grow rapidly, effectively and efficiently.
4 Marketing Mix Elements
4 Marketing Mix Elements or commonly known as 4P. where 4P consists of Products, Places, Prices and Promotions, when we understand about 4P, our business will certainly be easy to run, review, and develop as needed.
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Products
Goods or services that meet the needs or desires of consumers are identified, designed and produced. Marketing research begins the product development stage, which isolates opportunities that arise to be filled by new products.
This may be a completely new product that meets the evolving needs of consumers or it may be a redesigned product that has lost its appeal to consumers because of age, inferior or obsolete function.
Marketing managers must specify the needs of consumers who satisfy the product, product life cycle, resources needed for the production of goods or services and competitiveness in the market.
Price
The cost component of a marketing strategy generally depends on the willingness of consumers to pay, but must also be taken into account with respect to the company’s operating profit margins and marketing strategy. long-term.
Marketing research is very important to identify the price consumers will pay while optimizing return on investment. Price competitiveness is also a big concern. Many pricing marketing strategies will introduce new products at lower prices to increase market share and brand visibility, and then increase prices once the product is made.
Place
this refers to the distribution method and determines availability for target consumers. Once again, marketing research plays an important role in determining the places most frequently visited by target consumers.
There are a number of distribution strategies that include intensive, selective, exclusive, and franchise methods. The investment component includes a number of factors such as sales staff, training, and franchise costs
Promotion
Advertising that generates consumer interest in products is the most visible area of the responsibility of a marketing professional and is the most important for sales revenue. Marketers need to determine which marketing platform will provide the most effective means of communicating promotional messages.
These promotions almost always follow the pricing and placement decisions, to include this information in advertisements. Marketing research plays a big role in this component because of the need to pay for promotional advertisements that will produce an optimal consumer response.
Therefore, marketers must recognize the strengths and weaknesses of various promotional strategies, identify consumer needs, and adjust marketing campaigns accordingly.
The component of the marketing mix is not an independent phase; all aspects of the process must be taken into account throughout the product life cycle. Price, location and promotion adjustments need to be done as the product ages and changes in the market landscape, so that the marketing mix is a dynamic dynamic that requires constant improvement.