Each of the 4Ps of the Marketing Mix is of equal importance as it influences customers’ decisions.
Marketing strategies will only be effective when they help to achieve SMART business objectives. And if a marketing strategy is to achieve the firm’s marketing objectives, then all of the marketing decisions about The Marketing Mix – Product, Price, Place and Promotion must be linked cohesively with one another.
Questions about the Marketing Mix
Let’s take a look now at how consumer decisions help marketing managers to come up with appropriate Marketing Mix.
PRODUCT:
- What does the customer want from the product?
- What features does the product have to meet these needs?
- How and where will the customer use the product?
- What does the product look like?
- What size(s) and color(s) should the product be?
- What is the product to be called?
- How is the product branded?
- How is the product differentiated versus competitors?
PRICE:
- What is the value of the product to the buyer?
- Are there established price points for products in this area?
- Is the customer price sensitive? What is Price Elasticity of Demand (PED) for the product?
- What discounts should be offered to the customers?
- How will your price compare with your competitors?
PLACE / DISTRIBUTION:
- Where the buyers look for your product?
- If they look in a store, what kind?
- How can you access the right distribution channel?
- Do you need to use a sales force?
- What do your competitors do, and how can you learn from that and/or differentiate?
PROMOTION:
- Where and when can you get across your marketing messages to your target market?
- Will you reach your audience by advertising in the press, or on TV, or in the radio, or on billboards?
- When is the best time to promote?
- How do your competitors do promotion? And, how does that influence your choice of promotional activity?
All of the aforementioned questions will help the marketing manager to better identify the target market. In short, all the elements of The Marketing Mix must be consistent for the marketing strategies to work effectively.
