What is the management of marketing mixes?
Marketing Mix Management is a process that includes strategies that make it possible to efficiently use four basic marketing mix components. The marketing manager will usually be at the forefront of trying to manage these elements for the best advantage, although others are likely to contribute to marketing and sales efforts. In the best circumstances, the management of marketing mixes helps identify the ideal combination of product, price, promotion and places to attract consumers and ensure good or service to generate a constant flow of income.
When managing marketing mixes, the manager looks closely at a number of elements related to the product, with the price being one of the key factors. Here, the aim is to drive the prices so that a certain amount of profits from each unit sold is made. At the same time, the manager tries to set prices so that he is competitive with similar products on Marketples, but still low enough to attract consumers' attention.
Together with the evaluation and setting of reasonable prices, the management of marketing mixes also requires evaluation of the good sold or service. This makes it easier to identify attributes with most likely to attract consumer attention and increase the chances of capturing the market share. At the same time, this factor in the approach to management also allows you to identify potential liabilities associated with the product, including some design element that is likely to discourage consumers, or even a package that is difficult to open or somewhat cumbersome, causing less desirable.
Management of marketing mixes also concerns a problem where products can be sold to make the best advantage. This will often mean working with retail stores to ensure that goods and services are placed on the sale of regulations where you are likely to buy a targeted consumer base. This approach usually requires strategic withSoliders with retailers with the presence of specific locations or which are particularly interesting for certain demography of consumers based on age, gender, economic position and other relevant factors.
Advertising and promotion are another aspect of marketing mix management. The aim is to use an advertising strategy that will most likely affect consumers when purchasing products. Evaluation of various approaches to promotion, from using a direct postal campaign to significant advertising in printed media, to television and other forms of electronic advertising, if the manager is to help identify the most effective ways while maximizing potential return. By considering promotion together with the price, product and place, the manager can effectively sell the product and increase the chances of capturing the Share market, leading to increased profits for business.