Importance of Different Elements of the Marketing Mix
A marketing strategy is basically a plan for a product or service to achieve some objectives in the market by using the elements of the marketing mix.
The marketing strategy for one product will definitely different from others as it depends upon the nature of the product or service, the financial resources available, and the number of competitors competing in the market.
The marketing objectives may include:
• Increase sales of an existing product or service in newmarket
• Increase sales of an existing product or service in the existing market
• Increase sales of a new product or service
• Increase in market share that includes an increase in sales
• Maintaining the market share while there is an increase in competition
• Increase in sales while targeting a niche market
It is important to remember that consumer decisions are influenced by different elements of the marketing mix that are used in the development of marketing strategy.
Points to Be Addressed in the Elements of the Marketing Mix
The product is new or an existing product to whom the strategy is being developed?
What is the target market for that product?
Is there any need to change the product according to the requirements of consumers?
What price should be suitable for any new product? Are consumers willing to pay that price?
What are the prices of other competitive products?
Where is the target market for that product?
Where this product should be sold?
What distribution channels should be used for that product?
What distribution channels are used for the competitors’ products?
What methods of promotion should be used to promote our product or service?
How much budget will be enough for a promotional campaign?
What methods of promotion are being used by competitors?
There is also a possibility of not using these elements in a proper way that will ultimately result in the failure of strategy and marketing objectives will not be achieved.
We can have an example of a product that meets all of the needs of its target market and priced properly as well but again there are issues in its sales as people don’t know about it. It is a problem of promotion i.e. the product’s promotion is not done properly. People don’t know it and hesitate to buy an unknown product.
In the same way, if a product is not meeting the requirements of the customers, it will not be sold at any price as there is a fault in a product that should be removed first, and then the producer should try to sell it in the market.
Recommend And Justify An Appropriate Marketing Strategy In Given Circumstances
When a strategy is developed, all the four functions i.e. product, price, place, and promotion are used in an appropriate way. We can have an example of a cell phone. If a company is launching a new cell phone model, it is better to consider some points in its strategy.
The product should be designed after conducting the proper market research that will inform about the consumers’ needs. The price should be determined after observing the competitors’ prices. In price, price skimming method should be used.
Its advertising should be done on mass media to bring the attention of people towards it. There are already many cell phones available in the market so that the main features of that cell phone should be highlighted to make it different from others.
It should be available everywhere that no one should face any difficulty while going to purchase it.