Marketing

Development of your marketing mix.

By December 23, 2019 No Comments
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Development of your marketing mix.

Why marketing is important for small business.

The success of your business will depend, not only on the product you sell, but also on how, where, and when it is presented to your potential customers.  It is a mixture of these activities that will allow you to be competitive in the market place.  This mixture is called the marketing mix.

Below we cover the 4 Ps of the marketing mix (Product, Place, Promotion, Price).  Before developing the marketing mix for your product you need to become very familiar with the type of industry you are in, your customers’ needs and the business environment in which you are operating.

The 4 P’s

Product

What exactly are you selling?  Remember that people only buy solutions to problems – what are you offering them?  Selling shoes is selling foot protection;  selling umbrellas is selling protection from rain or sun.  What problem does your product solve?

Place

Where is the best place to sell the product?  How should it be distributed?  Ayers Rock may not be the best place to sell surfboards!  Where is the best place?  Are you going to distribute your product through wholesalers, retail stores, Internet or mail order?  Your decision will be influenced by the type of product you sell and your target market.

Promotion

What is the most effective way you can let people know about your product?  Advertising in newspapers or magazines is one way;  demonstrations at local shopping centres is another.  Then there are letterbox drops, brochures at local shops, cards left on car windscreens at shopping centres, yellow pages entries, trade fairs, Internet and radio and advertising.  The type of product you sell and the location of your target market will help you decide on the most appropriate promotional mediums to use.

Price

What can you charge for your product?  If a similar product is currently being sold you can use that price as a guide.  It is most important that you are aware of the total cost of providing the product.  This should be one of your first considerations when deciding on the product you want to market.  Many businesses find that they cannot produce a product locally that can profitably compete with mass-produced overseas imports.  Your selling price should include the full cost of producing and promoting the product as well as a reasonable retained profit.  This is called cost-plus pricing.

Restaurant Marketing Training

Want to know why the development of your marketing mix is important for small business? 

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