Need for Marketing Mix
Marketing being a fundamental element of operations inside a company, companies frequently invest and allocate substantial financial sources and efforts into marketing activities. In the present scenario it’s important to become accurate and efficient in handling the marketing sources and […]
Marketing being a fundamental element of operations inside a company, companies frequently invest and allocate substantial financial sources and efforts into marketing activities. In the present scenario it’s important to become accurate and efficient in handling the marketing sources and also the budget allotted towards the activities. Selecting a highly effective strategy with right mixture of marketing activities is really a challenge inside a scenario in which you have multiple options, multiple segments and product choices.
The marketing mix would always contain those activities like sales, promotions & advertisements (both offline and online), time period of those activities, timing and frequency from the activities based upon the merchandise and it is variants, the prospective segment, the distribution network, funnel achieve, the location, size and in line with the planned marketing activities understanding the potential for the marketplace through researching the market.
The advantages of the efficient control over these activities are precision in contacting the prospective audience, comprehending the returns by each one of the activities, decrease in cost by cutting lower doubling effect & effective management in overall efforts, time & cost.
Presenting the idea of chance cost here, when accompany allocates human sources, financial sources, efforts and time individuals planned marketing segments, it’s selecting between markets and marketing options bases on expected results. Therefore, the activities are selected between multiple options and when the regularity and time period of activities are precisely managed the marketing efforts will yield better results with improved efficiency.
The treating of marketing mix functions like a regular audit around the marketing activities being transported out and could be carefully monitored to yield better results. This can help instantly coordination around the marketing efforts.
Though used companies use business Intelligence software and KPIs for that knowledge of the marketing activities and product performance across targeted markets it’s important to know inside a constantly altering business atmosphere with alterations in technology, exterior business atmosphere and governing policies it might be hard to do something about the KPIs and will need to depend on intuitive knowledge of the company strengths and atmosphere.
Inside a scenario where consider marketing options of reports & media advertisements, sponsorships, internet marketing, hoardings, tradeshows are cost intensive it’s a dilemma to find the right add individuals preferred areas.
In services industries the marketing relies upon the internet marketing and network marketing, while inside a product based or Business to business manufacturing industry it depends upon the strong distribution funnel & network, inside a FMCG, Telecom, Consumer Durables, industries it’s dependent again around the distribution network but additionally on advertisements and promotions with the media network. In investment intensive industries to some major it depends upon those activities of focus using the background of clientele and past projects delivered.
General mistakes companies make in reaching to some market segment are overlapping of activities (channels) for the similar target segment and product. This generally occur in services, FMCG sector in which the finish user may be the individual consumer. You should choose limited marketing channels for that targeted market segment to make certain the client doesn’t get inflammed through the marketing activities.