Understanding the marketing mix, by the marketing consultancy in Sydney
When you are trying to understand what the marketing mix is, you need to take into consideration what it is comprised of. Primarily it is just the 4P’s of marketing but recent developments have improved it and turned it into the 7P’s. The marketing consultancy in Sydney will help you understand what the marketing mix is.
The 4P’s were formalised and developed to ensure the creation and execution of a successful marketing strategy, the attempt of this is to try satisfying both the customer and the seller. In order to do this you need to utilise at least 4 out of the 7P’s correctly to give proper marketing advice for small businesses, so what are they?
• Product: is either a tangible good or an intangible service, all products follow the product life cycle and that needs to be taken into consideration when proposing a long term plan as it will cause various changes throughout time.
• Price: covers the actual amount the customer will pay for a product or service, the perceived value of the product should be taken into consideration rather than objective costs to ensure the highest profit margin.
• Place: is how the product will be delivered to the customer, as distribution is a key element of placement.
• Promotion: is where all the marketing communication strategies and techniques fall under, just make sure that it is all relevant to the product or service.
That’s what the marketing mix is mainly made up of, but for some more information regarding clients and products you can include the other 3P’s, which are People, Process and Physical Evidence. When getting some small business marketing done it is important to try and incorporate all factors.
Feel free to contact the marketing consultancy in Sydney for any advice regarding your small business!