Sometimes the best-laid plans do not go as well as we would like them to go. This goes for any plan we put together, whether it be personal or professional. Sometimes we need to take a step back to determine where we went wrong in our process of development. Maybe we left out a key ingredient of the marketing mix.
The marketing mix utilizes several key elements that ensure an organization can sustain its growth. For many organizations, retaining sustainability depends on the internal and external factors that influence the organization. It is important for the organization to know how to deal with these aspects. Many organizations use a marketing mix that enhances the way they do business and sustain their growth patterns. If the mix is not utilized correctly, the organization may not have a strategy that goes very well.
The product is the first and foremost part of the mix. The organization has to determine the product and how it will be introduced into the market. There are several other key decisions that have to be made about the product. The brand design of the product is a key element that also needs to be addressed along with quality, style, packaging, and even warranty. There are many elements involved before a product can hit the shelf.
The price of the product is a huge element that cannot be left out of the mix. If you do not know the value of your product, you will not know how to set its price. It is always a good idea to have a pricing strategy that will benefit the entire product.
The Place (Distribution)
The how to of the product is always important. Know how you will distribute the product to the public. How will it be manufactured? This part of the mix is the who, the what, the when, and the where of your product. Placement has to be considered very carefully for the product to survive.
The final part of the mix is the promotion. How will your product be promoted to make it attractive to the customer? The final step includes how you will advertise the product, who will sell the product, and what will your marketing budget consist of. Promotion is one of the more important elements of getting a product to the shelf.
Planning is one of the most important aspects of any business or organization. If the plan is not complete or missing important elements, it cannot grow. Knowing how to market your product is a very important aspect that needs to be addressed. However, what do you do if your marketing plan does not work? You review your plan to determine if you left off any of the more important elements of your marketing mix. The marketing mix has all the steps you need to ensure that your marketing plan works the way it should.