Main Importance of the Marketing Mix

A marketing mix is something that is used by businesses in the present times for a wide variety of reasons. Not only does it help in the process of making a business successful but it also allows it to move towards the right direction in not only the short but the long run as well. As it is common knowledge that the mix consists of 4 Ps, these include the Product, Place, Price and Promotion. While all of these are different from each other quite significantly, it is safe to say that they have equal importance at all times. One cannot undermine the importance of having a good product to sell just because they have found a reasonably good market to sell it in. similarly, the pricing needs to be worth the product and over charging as well as under charging causes excessive losses to the business. This mix has been specifically created in order to use all these elements for the purpose of achieving goals as well as objectives in the near future. More and more companies can be seen to be using this mix as it surely allows them to fulfill all of their goals and to eventually acquire a huge amount of success later on. Marketing executives are amongst the highest paid employees in any organization and rightly so since they are actually the horses on the cart that have responsibility to drag it all.

Product, Price, Place & Promotion

The first part of the marketing mix focuses on the product. This includes the quality, packaging, appearance, functionality, durability, reliability as well as specifications of the product. These must be taken into consideration thoroughly in order to make the product a success. Price is another thing which is very essential and the right price must be suggested for a product in order for it to capture the attention of customers immediately. Similarly, the place element is where businesses have to decide the mode of distribution and this includes the wholesales, agents, retailers as well as distributors. Lastly, the element of promotion is used for the purpose for advertising, public relations, direct mail and all other things which can help customers know everything there is about the product.

Market Share

On the other hand, establishing and then implementing a marketing mix which is effective is likely to become successful and that allows the business to reach the heights of success in a short period of time. Due to this fact, a business is likely to end up acquiring an increased amount of market share and that is just going to grow further immensely in the near future. Hence, it is important for the mix to be accurate and this can be done by considering the needs of the customers and most importantly, by conducting both primary and secondary market research in the first place. In the today’s cut throat competition, no one lets the other business or party take away what they consider as their fair share of a market and they tackle with the competition very aggressively. The marketing mix strategies can indicate very clearly the intentions of one organization for another to make arrangements in accordance with those.

Diminishing Competition

The marketing mix also helps a business to be aware of its competition and it is through this very mix that the very competition can be eliminated in a short period of time. The market contains a wide range of many other rivals that can affect the image as well as the sales of a business but through an effective mix, the competition can surely be toppled soon. 

An article by Dougles Chan, Digital Marketing Singapore Guru. He writes articles on recruitment agency, recruitment business, digital marketing, advanced SEO tips, AWS consulting partner & AWS cloud partners.