for a good
marketing recipe.The marketing mix: what does it apply to?
Breaking the neck of some narrow myths about marketing.
Marketing is not just about selling things that are currently produced.
Such "distribution" and "promotion" are only a part of the game.
The marketing overall role is to
This supposes an adequate combination of the right ingredients,
just like a good culinary
recipe.
The "marketing mix" combines precisely the main traits of a
commercial (or social) offer:
Marketing is not just about selling things that are currently produced.
Such "distribution" and "promotion" are only a part of the game.
The marketing overall role is to
| build, maintain and adapt offers of products and services that fit customer preferences. |
just like a good culinary
recipe. The "marketing mix" combines precisely the main traits of a
commercial (or social) offer:
- Of a product or service or a
range of products and/or services
through specific channels (of communication, distribution...)
- Well adapted to a type or several types of buyers, users or prospects
They are grouped usually in population segments / market segments
/
market targets.
They are
groups of people,
either large populations or
narrow "niches". with similar traits, needs and attitudes towards what
tobuy.
market targets.
They are
groups of people,
either large populations or narrow "niches". with similar traits, needs and attitudes towards what
to
buy.- With (positive) differentiations
compared to what other players offer or might offer
Those killjoys are called "competitors", this is a sport, guys!
Those killjoys are called "competitors", this is a sport, guys!
Its key elements: four P for one C
To identify those main traits, the marketing mix refers usually to the 4 P:
Product, Place, Price, Promotion.
Those big Ps should always be related to the big C: the (targeted) Customers.
All main traits of the offer (the four Ps) should be adapted to the
targeted customer segment(s).
This entails to choose segments according to their prospects and to
detect what needs we could be able to fulfill for them.
Customers are the hands that feed you.
Know them! Predict their evolution!
Love them! Be attentive! Be generous!
Therefore the marketing recipe is based on five "cooking ingredients" C + 4P
Customer (*) + Product, Place, Price, Promotion
(*) Existing customers and prospective customers.
They are the main elements to mix in a creative way in the marketing pot to produce
a marketing strategy and a
marketing plan
They are the main elements to mix in a creative way in the marketing pot to produce
a marketing strategy and a
marketing planWeighing and fine tuning
Of course, in such a strategy / plan, the relative weight / importance given
to each of the 5 ingredients depends on the type of business / of activity:
to each of the 5 ingredients depends on the type of business / of activity:
* Industry ...or service,
* Staple goods / basic services ...or complex / high tech (or luxury) offers,
* Consumption goods or ...equipment goods,
* Offer & demand: conservative or fast changing (fashion, innovation),
* Work intensive ...or knowledge intensive ...or investment intensive,
* Start up ...or well established business,
* Consumer oriented ...or "business to business" activity,
* Mass market ...or niche
* Local ...or worldwide
* Business ...or public utility ...or non profit organization.
* Highly regulated ...or free trade sector
* Diversified ...or pure play. Unique ...or part of a product range
....And so on.
* Staple goods / basic services ...or complex / high tech (or luxury) offers,
* Consumption goods or ...equipment goods,
* Offer & demand: conservative or fast changing (fashion, innovation),
* Work intensive ...or knowledge intensive ...or investment intensive,
* Start up ...or well established business,
* Consumer oriented ...or "business to business" activity,
* Mass market ...or niche
* Local ...or worldwide
* Business ...or public utility ...or non profit organization.
* Highly regulated ...or free trade sector
* Diversified ...or pure play. Unique ...or part of a product range
....And so on.
Also, other traits might be added in specific business models. For example:
* Packaging / design is important for consumer goods.
* Time / speed is decisive for express delivery.
* Celebrity / glamor image is crucial for luxury products.
* Safety for potentially dangerous products or activities
* Relentless creativity for technology goods and services,
and fashion-based activities
* Anticipation of general economic evolutions (*)
* Time / speed is decisive for express delivery.
* Celebrity / glamor image is crucial for luxury products.
* Safety for potentially dangerous products or activities
* Relentless creativity for technology goods and services,
and fashion-based activities
* Anticipation of general economic evolutions (*)
(*) interest rates, growth, environmental regulation, geopolitics, technology shifts...
They are important for many businesses, specially to economic activities related
to raw material and energy, and to those that need to commit long term
investments.
Getting the details
Those various marketing aspects are detailed in
the main article on the topic: Marketing plan
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the main article on the topic: Marketing plan
Back to collection : Management-marketing articles migrated from Knols
Pageviews for this article before migration from Knol: 3.3 k
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