Tuesday, 9 July 2013

importance of promotion mix

What Is the Importance of the Marketing Mix in the Development of a Marketing Strategy & Tactics?

The marketing mix is an integral tool in building an effective marketing strategy and implementing it with tactics. Also known as the 4 P's of marketing, the mix includes an assessment of the roles your product, place or distribution, price and promotion play in your overall approach to marketing.

Offering

Part of marketing is conveying to customers what you have to offer and why it is different and better than alternatives. The product element is most obvious in the offering, since your product is what people buy. Where you offer it, whether in-store or online, also is important, making the distribution element a factor. The price point is part of the overall offering, because it affects your product's value.

The Target

When you market, you also have to strategize about who to target with your messages. Your primary customer group becomes the target customers of your marketing campaign. Your product and price offer some direction in identifying the right audience. For instance, cutting-edge mobile technology ads often are targeted to young consumers. Identifying the media used by these customers is also important, which brings the "promotion" P into play.

Message Delivery

Tangibly, the promotion P addresses the actual process of creating and distributing messages about your brand and products. Under the promotion umbrella, you have to decide what messages and formats to use to persuade your target customers to buy. Humor, sexuality, fear and anxiety are all used to present emotional appeals in marketing. Selecting the right media within television, radio, newspapers, magazines, the Internet, billboards and other support media is another critical part of successful promotion.

Value Creation

In a general sense, the marketing mix allows you to understand how to build and sell value to your customers. Ultimately, customers buy what they perceive is the best value for their money in a purchase situation. Implementing marketing campaigns that show off great products at fair prices gives you an opportunity to succeed. Finding affordable marketing options also helps you get better return on your investment from marketing.

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