What is the meaning of the marketing mix?
The owners of new and small businesses often question the importance of marketing mix, but can determine whether the product will succeed or fail. Of the four aspects of the Marketing Mix aspect, the product aspect determines what type of product the store will launch, based on shopping habits, functions and image of the store. Promotion concerns how the product is sold and determines whether people know about the product. Place concerns about how the product is produced and stored. The price is determined by the use and life cycle of the product. If the shop decides to sell shoes, he will research to find out what type of shoes he should create. Top trade in highly paid consumers can come out with shoes that have excellent features and materials; The low prices shop usually causes shoes that attract consumers who are looking for a convenient convenient. At this stage, the company develops the product specifically for its customers. If proper research is not carried out, the company can develop an unsuccessful product.
Promotion is how the company sells its product so that customers can find and identify with it. First, the company determines what marketing methods would work; For example, television ads work well for average consumer products, but may not be good for products (B2B). Second, the company must determine a marketing report that can affect sales. The importance of the marketing mix here is, if the promotion is underestimated, then few people will know about this product, which will lead to low sales; If it is exaggerated, then it absorbs a lot of company's advertising budget and can even turn off potential customers.
The place is about where the product is produced and stored. Production plants must be carefully selected to ensure that the production can be produced as expected. After creation, the product must be stored on available warehouses. Choosing an incorrect production plant can lead to inferior production of products and NEPRThe warehouse can add more overhead costs of the product.
The price is determined according to where the product is in its life cycle and how the company uses the product. If the product begins its life cycle and is the first of its kind, a high price can be used; Older or ordinary product may have a lower price. The product is commonly at the cost of providing profits, but if it is used as a leader of loss to bring customers, the price may be too low to return direct profit. The importance of the marketing mix during the price phase is that few people can buy a product that is too high, and the company does not have to achieve reasonable profit if the price is too low.