Enter A Formula To Find The Product Of Two Vlues The Marketing Mix – How to Create a Business Formula For Success

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The Marketing Mix – How to Create a Business Formula For Success

Estate agents have nailed their formula for success on the head: ‘Location, location, location’. If you were not in the estate agency business, what would be your formula for success? What should you look for to create the best conditions for your business to thrive? Have you heard about the marketing mix and how to use it to create a business formula for success?

The marketing mix formula was developed over 40 years ago when it was realized that there are 4 key elements required for marketing success and these are known as the 4 ‘P’s’.

The following is a traditional marketing mix to create a successful business formula:

1) Product Branding – What do you need to do to meet your customer needs? Product branding includes name, design, function and quality, but should also include things like packaging and back-up services available, such as accessories, warranties and repairs.

2) Price – Setting the right price. The best marketing mix strategy is to research your competitor’s products and get an indication of where the price should be in your niche market. Traditionally, it has been observed that consumers place high value on expensive products, but the trend has changed. People are buying what they need as opposed to what they want so keep that in mind. Price testing will be necessary to achieve the correct level of your profit balance.

3) Promotion – What advertising plan do you have to market your product or service? Whether online or offline, getting traffic to view your business is the lifeline to building a successful business.

Choosing the right marketing option for your budget is essential. For example, paying for a very expensive web site will only work if you know how to generate a lot of interest to lead people to see your business. You should have a good understanding of how the internet is used and what part keyword research plays in growing a long-term business.

4) Location – Where is your business based? In fact this is where “location, location, location” comes into play. Many excellent businesses have been destroyed due to the common mistake of setting up shop in a location that doesn’t have enough foot traffic, car parking or other businesses. Careful research will show how busy the area is during a 24-hour period. If there is an active newsagent, mini-market or hairdresser nearby, you can piggy-back on their foot traffic and gain valuable resources to build your business base.

As you can see, the marketing mix can provide a useful framework for success, especially if all four elements are used in your own business situation. If you need more help in learning to use the internet to market your product, check us out. Online marketing training is constantly updated. Add it to your marketing mix and create an even better business formula for success.

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