Understanding the nature of customers andtheir needs and wants is only the first step ofcreating a marketing strategy– promotionalcampaign.The brand/ organisation needs to act of thatinformation in order to develop andimplement marketing activities that actuallydeliver something of value to the customer.The process that we go through is called the‘Marketing Mix’.
Successful marketing relies as much on interactionand synergy between marketing mix elements asit does on good decisions within those elementsthemselves.A good product with bad communication will notwork, and equally a bad product with theglossiest advertising will not work either.. This isbecause the element so the marketing mixdepend on each other and if they are notconsistent with each other in what they are sayingabout the product, then the customer, who is notstupid, will reject it all.
1. Product: This area covers everything to do with the creation, development and management of products. It is not only about what to make, but when to make it, how to make it, and how to ensure it has a long a profitable life. Particularly with fast moving consumer goods (fmcg), part of the products attractiveness is of course its branding and packaging and the experience gain during and after the purchase. Also see Product lifecycle.
1. Price: Price is not perhaps as clear cut as it might seem at first glance, since price is not necessarily a straightforward calculation of costs and profit margins. Price has to reflect issues of buyer behaviour, because people judge ‘value’ in terms of their perceptions of what they are getting for their money, what else they could have had for that money and how much that money meant to then in the first place.
Pricing also has a strategic dimension, in that itcan give messages to all sorts of people in thetarget market.Customers, fir example may use price as anindicator of quality and desirability for aparticular product. And thus price canreinforce or distroy the work of other elementsof the marketing mix.Competitors on the other hands may see priceas a challenge- the beginnings of a price war.Overall price is a very flexible element of themarketing mix.
1. Place: Place is a very dynamic and fast moving area of marketing. It covers a wide variety of fascination topics largely concerned with the movements of goods from A to B. For consumer products, the most visible player in the channel of distribution is the retailer. Manufactures and customers alike have to put allot of trust in the retailer to do justice to the product, to maintain stocks, and to provide a satisfying purchasing experience. Place also embodies more unique marketing problems such as store location, layout, merchandising, creation of store atmosphere.
1. Promotion:Promotion = communication, which is more often seen as the most glamorous and sexy side of marketing. This does not mean however that the marketing communication is purely ‘artistic’ or that is can be used to distract and wallpaper over cracks in the rest of the marketing mix.Promotion consists of a whole range of