Marketing refers to acts a business undertakes to advertise the sale or purchase of a particular product, service, or even good. In recent years, The New York Times has described it as “perhaps the oldest form of advertising in the world”. Marketing involves the use of a variety of media to reach a broad audience. Advertising can take many forms, including traditional marketing such as the distribution of circulars and mailings, and online marketing through email, social media, and search engine optimization (SEO). The internet has become one of the most important outlets for marketing as it reaches customers not only locally but worldwide, which is a significant advantage over traditional marketing.
As a part of the mix of the right mix, marketing should have a plan for measuring success. In order to determine if the marketing mix is effective, marketers need to ask relevant questions such as: what are the return on investment (ROI)? is sales volume increasing? is the marketing mix having an impact on customer satisfaction? And how does customer service affect these results?
For example, if the marketing strategy focuses on increasing website traffic, is this having an impact on the bottom line? And are sales volume and customer service affecting each other? If a marketer cannot answer these questions with a reasonable degree of certainty, then another tactic which might be more helpful is to determine if there are any competitive advantages that competitors have over the product or service being promoted. Usually, competitors will have a website with similar products and services, which help the marketer to determine which areas of the market to explore. However, if there is no direct competition, then it becomes easier to decide on the best way to get into the market without facing direct competition from competitors.
Now, let us look at the final component of the marketing mix: market penetration strategy. This is where a company determines what percentage of the target audience actually uses the product or service. A good penetration strategy is very important because it allows marketers to know whether their marketing strategy has worked or not. Usually, a market penetration strategy is based on analyzing existing customers and then extending the marketing efforts to new customers who are likely to become existing customers in the near future.
When we have a thorough understanding of each component of the marketing strategy, it becomes easier to carry out the plan. Of course, one of the most important components of the marketing strategy is getting the target audience to actually buy the product or service. But this is not always easy. Some customers may not be interested in buying your product or service. Hence, you need a comprehensive understanding of your target audience so that you can identify potential problems in the present market and find ways to overcome them.
In conclusion, when it comes to the four Ps of the marketing mix, you should remember that the marketing mix consists of the following four factors: competitive advantage, financial opportunity, customer’s satisfaction and market reach. It is also important to keep in mind that the key to success lies in the perfect balance of these four factors. So, do not hesitate to put these factors into practice to make your business a success!