MARKET MIX
Marketing is the ability of producers to put a product at the right place, at the right time and setting the right price with adequate promotion the customers can relate to. Marketing is all about a product made for specific customers (target group), who can afford that particular product and can have access to the product when they wish. The modern definition of the term market mix was postulated by Neil Borden after an associate described the marketing manager as a “mixer of ingredients”. Today the market mix which is synonymous with the four P’s is an essential tool used by professional marketers and managers in determining the product to be sold and the target group the product should be designed for.
In order to know what the potential customer would want and at what price they will be willing to pay for the product, a market survey is conducted and due analysis taken. The result of the market survey will determine the quality of the product, the cost of the product and the best way in which to promote the product. Failing to conduct diligent research and market analysis will result in failure to achieve the brands objective. Failures such as selling a winter coat in summer or promoting a high end vehicle to the wrong target group. One of the best ways to examine the market mix is by employing the four P’s. The four P’s was defined in the year 1960 by E.J McCarthy. The four P’s also pay close attention to the price, place, promotion and the product to be made available. Price is the element in the market mix that gives rise to revenue generation through sales. The price an item is sold is crucial in determining the quantity and quality of a product that would be sold. The ideal price of a product is the perceived cost of that product by customers. Considerable time and resources has to be dedicated into finding out the price consumers are willing and able to pay for at any given time, because time is also important as price may vary with season. It is logical that winter gear will see an increase in price during the winter season, as demand increases so will price. The place a product would be sold is another important element of the market mix, as transportation cost and applying taxes has to be taken into consideration. Other considerations include storage and a network which would facilitate timely distribution of the product to the retailers. The way a product will be distributed is dependent on the
producers. For example apple have a direct marketing strategy, were the parent company also markets at the retail level or through franchises.
Promoting the product in the market place is done through communicating with the customers and consistency. Promotion could be done through different means the first of which is branding. Branding creates a distinction between the product and others out there in the market. The shape and design of the product should speak volumes and be attractive to the potential customer. Other ways of promoting a product include advertisements, promotions online marketing strategies and a host of others.