What is the right marketing formula for a business? The marketing and the sales departments have always wondered about this. The marketing formula is much like a recipe this much of X, and that much of Y. And in the end what you have is a combination that either is a success story or is a complete failure. This combination is referred to as the 'Marketing Mix'.
Let us further investigate and also the channel options for a company.
How much to offer, at what price to offer, where to offer and how to offer. These 4 are the essential questions to which the business must find an answer and from this the 4 P's have been born. These 4 P's involve the strategic positioning so that the returns are the maximum in any given market. The mix is also used to refer to the combination of the media for the promotion such as radio and television, newspaper and magazines, billboards and the Internet.
Marketing Mix is a combination of (these are the 4 P's of marketing mix)
- Product - Price - Place - Promotion
Product: The product is of course very important and the success of the business will depend largely on how good or bad it is. The decision as to the nature of the product also has to depend on its customer base as also their buying habits, geographical locations, purchasing power and other factors. Sometimes a business may want to come out with the best there is, and sometimes the same business might market a product that is for the budget customer. An example is Tata Motors that owns the Jaguar (which is a premium brand) and also the Nano (which is the cheapest automobile in the world).
Price: It is the amount a prospect is willing to pay for the product. There is always the right price for a product if it is priced higher than this then it might not sell, and if it is priced lower than that then the business might be missing out on revenues. But there are many issues based on which a company determines the price and that is not limited just to the cost of manufacturing it. These other factors include the perceived value of the product in the customer's mind, the market share of the business, competition and even local tax regulations and distribution and logistic costs. Then there are issues such as seasonal fluctuations that also need to be considered.
Place: The question where the product is offered is answered here. What are its distribution channels, how and at what price does the business warehouse the items, what are the costs of order processing and how will it be done these are just a few questions that need to be answered.
Promotion: Promotion includes advertising and marketing the effort to take a product from the business to the customer. Managing the sales force (for a traditional business) also belongs to this. What promotion strategy is best for a business will however not be the same. It will vary depending on the product itself, the market, the customer and also the budget the company has.
Beware, just because a website is amazing to look at, this does not mean it work well with all of your Internet Marketing efforts.
Most of the time the websites are created with out the thought or planning of good quality content, sites are also employing mainly flash design as well as complicated navigation set up making exploring your site frustrating. Surprisingly Internet Marketing and Website Design seem to be clashing rather than complimenting each other.
Do you ever ask yourself why isn’t your website performing well online no matter what you do?
What causes a beautiful, appealing website to fall short in search engines?
Most cases seem to point to the fact that some website designers do not consider the importance of Internet Marketing when putting together websites for there customers. Some web designers seem to be strictly focused on the graphical components and forget or do know about the Search Engine Marketing, Internet Marketing aspects of most websites.
Internet Marketing may be less of an importance if site is mainly a Business to Business website but in the ecommerce business, websites really depend on SEO Internet Marketing for its overall success.
Websites that fall short in Internet Marketing can lead to very expensive and needed redesigns for your site, changing different components of your pages to make it search engine friendly as well as easy navigation for site exploration although some changes may be less extreme than others. This can cause major set backs in business goals.
Build and design your website around the content not the other way around.
Before you decide on a website designer, make positive that the design will be user friendly as well as friendly for Internet Marketing procedures. Shop around, ask questions, see if the designer understands the importance of certain SEO priorities and keep them informed about what your looking to accomplish.
Design a site that is easily expandable as well as easily adjusted to fit your Internet Marketing, SEO needs or have your SEO Consultant suggest a web designer to work with, insuring everything will function the way your website was intended to function. This just may help prevent costing you much more than you ever expected and it will also help your business goals to remain on the track to success.
Both James Copper & Wayne Hagerty are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
James Copper has sinced written about articles on various topics from Finances, Mortgage and Mortgage. James Copper is a writer for where you can find information that will help. James Copper's top article generates over 1220000 views. to your Favourites.
Wayne Hagerty has sinced written about articles on various topics from Marketing Strategies, Marketing and E Books. This article was written by Wayne Hagerty certified professional with years of SEO experience. Discover how to increase traffic to your websit. Wayne Hagerty's top article generates over 27100 views. to your Favourites.