How Can the Marketing Mix Build Competitive Advantage?

How can the marketing mix build competitive advantage? Combining the elements of the marketing mix will help to inform the decisions that a business makes about its target market and the image it wants to convey. 

Definition: The Marketing Mix

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix like Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other marketing mix 7ps like Packaging, Positioning, People and even Politics as vital mix elements.

Price

Refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply demand and a host of other direct and indirect factors. 

There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used as a demarcation, to differentiate and enhance the image of a product.

Product

Refers to the item actually being sold. The product in the marketing mix must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won’t do any good.

Place

Refers place in the marketing mix to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or place strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is location.

Promotion

This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.

Read also: What are Social Media Marketing Benefits for Your Business?

What is the Importance of the Marketing Mix?

Importance of marketing mix? All the elements of the marketing mix influence each other. They make up the business plan for a company and handle it right and can give it great success. But handled wrong and the business could take years to recover. 

The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.

By creating a coherent and integrated marketing mix, a business can influence the competitive advantage that it has over other businesses.

For example, a business that produces a new model of sports trainers might build the marketing mix outlined below:

• Price – As they are a new product, with unique features, the trainers are priced slightly higher than the competition, although promotions offering a discount are available to some customers.
• Place – Since they have been designed specifically for runners, the trainers are sold largely through specialist sports shops and websites that are popular with runners.
• Product – The trainers are a new, high quality product manufactured using the latest technology. They are made using a new, lightweight fabric and are hard wearing yet comfortable.
• Promotion – The trainers are promoted heavily on social media, targeting those who are interested in running. Discount offers are available to members of running clubs, and customer comments about the trainers comfort are used in adverts.

This marketing mix would provide a number of competitive advantages, including:

• The product has a unique selling point (USP) because the fabric that the trainers are made from is new and lightweight.
• This USP enables the business to charge a slightly higher price. Even though the market is competitive, customers will pay for innovation.
• The place reassures customers that these trainers are designed for those serious about their running. By selling only through specialist shops and websites, the business is letting customers know that these trainers are not just a fashion accessory.
• Further confirmation that these trainers are designed for runners is provided by the methods of promotion, which use media platforms that are likely to be seen by runners.

This marketing mix would allow the business to have a good chance of success in a competitive market with other well known brands.

Read also: 11 Different Ways on How You Can Grow Your Business Online

How Does Marketing Mix Help Your Business?

Elements of marketing mix with examples? In your day to day business activities it’s difficult to turn your attention to the big picture, especially when you’re putting out fires left and right.

Your marketing mix provides a roadmap for your business objectives. It keeps you on track, while keeping your target market in the forefront of your mind.

Your marketing mix will help you make sure your business is marketing the right product, to the right people, at the right price and time.

Use these some steps to assist you in building your perfect marketing mix for a successful product offering:

Step 1. Goals and Objectives

To create the right marketing mix you must first clearly define what you want the end result to be more customers, brand awareness and higher sales.

Every marketing plan has its own marketing goals. Also ensure you have set a specific time frame in which to achieve your goals.

Step 2. Establish Your Budget

How much money are you willing to spend on product innovation, consumer research and product promotion?

Step 3. Determine Your Unique Selling Proposition (USP)

Describe the benefits users will experience from using your product or service. What unique problem are you solving better than anyone else?

Step 4. Who is Your Target Market?

In order to communicate effectively with your audience, you need to know who they are and how they prefer to be communicated with.

Create an in depth profile of your ideal customer. Make sure you’ve gathered enough consumer data to develop a complete picture of your ideal buyer.

Step 5. Define Your Product in Detail

Take your time describing the specific qualities and value of your product. Look for the unique features that show your product’s worth.

Step 6. Know Your Distribution Channels

Identify the places your product will be marketed which distribution channels you’ll make use of.

Step 7. Create a Pricing Strategy

You need to discover clever ways of differentiating your product on price. Research your competitors and make sure you’re not overcharging your customers.

You will also need to consider what your target audience might be willing to pay and what it costs to actually produce your product.

Step 8. Use Inbound Marketing

The 4Ps of marketing creates the basis of your marketing mix strategy but inbound marketing also plays a vital role in developing your marketing mix.

5 Reason Why Ginee Ads Can Help Your Marketing Mix

Advertising is in fact one of the marketing tactics that comes with an invoice. You must write a check to run ads or send direct mail, often before seeing any results. In my experience people shy away from advertising, not because of the cost but because they don’t know how to get results and they don’t understand the long-term residual effects. 

When done effectively Ginee advertising is an essential part of mix because:

Ginee Advertising is the Only Medium You Can Control

If you want your message to hit on the day a product launches or event is about to happen, this is the only vehicle you control completely.

Ginee Advertising Allows You to Target Ideal Customers Only

When you match a very personal message to a very select audience you get a far greater connection.

Ginee Advertising Creates Awareness for Your Content

The force that drives a great deal of conversion and trust building these days is educational content ebooks, seminars and blog posts advertising is a great way to help get that content found and consumed once you’ve gone to the effort to produce it.

Ginee Advertising Adds Credibility to Your Message

The perception that you can afford advertising is often enough to sell and resell prospects and customers alike and makes it easier to get attention for your entire message.

Ginee Advertising Amplifies Everything Else You’re Doing

When you are using advertising to create awareness for your content you automatically create more awareness for everything you are doing. 

Conclusion

Marketing mix is a mix of the type that is planned to ensure that the product does sell even amidst intensely competitive conditions; providing best satisfaction to consumers and providing, in turn, handsome profits to the enterprise in addition to fulfilment of other objectives of marketing management.

Are You Having Trouble Keeping Track of Your Online Sales?

• Do you waste too much time replicating products and selling them through several channels?
• Do you want to find a more effective way to manage orders when selling on several internet platforms?
• Do you have any suggestions for dealing with consumers that place too many orders?

Now is the time to use Ginee Philippines to relieve managerial stress. Ginee is an online sales management software that uses the Omnichannel paradigm to make it easier for merchants to sell multi-channel products. When you use Ginee, you will receive the following benefits:

• Adding new goods, bulk editing, and updating all sales channels at the same time simplifies product management.
• From the time you get the order, arrange for shipment, and print the labels, to the time the buyer receives the items, you can effortlessly manage orders.
• Managing consumers allows you to have a deeper understanding of your customers by looking at payment history, ordered products, and purchasing patterns.

Sign up for a free 7-day trial today to not miss this big opportunity!