A marketing mix is important in business because it maximizes a company's chances of achieving steady, continual success in its operations. A marketing mix also ensures that a company remains responsible to its customers by living up to its product claims.Know More
In marketing theory, a marketing mix is defined by the four "Ps," which include product, price, place and promotion. Because a company's products define them, companies must honestly do their best in backing up their product claims. For example, if a company advertises that a dishwashing liquid contains 100 uses but the bottles only yield 75 uses, that company must repackage the product to yield 100 uses or readjust the product claims.
Second, the price of the product must reflect the budget, moderately priced or high-end market of the company's intended customers. Therefore, a company must not charge inflated prices for very low-end ingredients contained within a product. Third, a company's marketing mix must include accurate product placement to ensure that its product reaches its target customers. This includes advertising in the right publications and placing the actual product in the stores that a company's target audience shops in regularly. Finally, a company's marketing mix promotion efforts includes product packaging, public relations efforts and branding as well as the sponsorship of well-respected people who attest to the product's claims and benefits.Learn more about Marketing & Sales
The marketing mix is a strategic planning tool used by companies to develop marketing goals, strategies and tactics. It is also known as the four P's of marketing, which are product, place, price and promotion. Place is also known as distribution.Full Answer >
Marketing is important to sales because it includes numerous strategies for communicating the various benefits and features of the products or services a company offers to consumers. Marketing is how consumers become aware of specific brands. Marketing spurs more sales by researching consumer markets and developing tailored messages that spark buying interest.Full Answer >
Global marketing is important for businesses because it grants access to wider profit margins, huge demographic audiences and a better quality of life for consumers worldwide. Businesses that use global marketing to reach international audiences experience massive potential for prosperous expansion. Companies that take advantage of global marketing excel because consumers all over the planet regularly buy products at local retailers that are imported from other countries.Full Answer >
The purpose of a company's marketing mix is to control its marketing plan. An effective marketing mix includes the 4 Ps: product, price, place and promotion. How a company combines the 4 Ps determines its standing with customers and its income.Full Answer >