Top 4 Importance Of Marketing Mix

What Do You Know About The Importance Of Marketing Mix?

Successful businessmen know the importance of marketing mix because they cannot design and promote their products without marketing mix.  It is a mixture of 4 P’s of marketing mix such as product, place, price and promotion.

4 P’s Of Marketing Mix

1.         Product:

Product is one of important part of marketing mix because it reflects the good or bad reputation of any organization.  The products represent your business efficiently.  Successful organizations always search out the buying habits of their customers and designed their products based on those buying habits in order to meet the customer’s requirements.

They also design their products based on important factors such as purchasing power and geographical locations etc.  They try to design products which are affordable for customers.  Companies always design their products according to customer’s budget and affordability.

They do not compromise on their product quality.  Some companies maintain their quality and do not compromise on price but there are some companies which produce products according to the affordability of customers.

Marketers communicate with their customers directly and convince them to buy their products. They involve in constructive group of activities that help to design excellent products that meet the customer’s demands efficiently.

Their goal is to create awareness about their products or services among users by communicating with them directly.  Customers who are highly satisfied with their products or services can become regular customers of their brand.

Marketers who cannot compromise on quality and deliver high quality products to their customers have a great community of loyal customers.  Their loyal customers always prefer them to buy products.

2.         Price:

It is the worth of product on which customers are agreed to buy the products.  Price of the product should be according to the range of regular customers.  Prices are fluctuating according to seasonal requirements.

Marketers always try to satisfy their clients at any cost.  If employees of the company are satisfied with their job and performance rewards, they can become an effective asset of any organization.

3.         Place:

Products always design based on geographical place because customers buy products according to their traditions and seasons.  Companies which are going to spread their business networks throughout the world must visit the place where they want to open their branches.

They need to study the traditions and seasonal changes of the country where they want to initialize their products.

4.         Promotion:

Promotion activities involve marketing and advertising.  Promotional activities are used to create awareness about the products.  Customers know about products and their specification through social marketing media.

Companies adopt social marketing media in order to create awareness about their products and services.  Promotional activities and techniques are important if companies initialize new products or make some changes in product’s specifications.

Promotional activities include advertising, selling, public relations and sales promotions.  Advertising is a paid form of promotion that grabs the attention of customers through channels or TV.

It also involves relationships between customers and companies.  Marketers should design products that meet customers’ needs and demands.