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Marketing mix decisions have to do with addressing each of the four categories usually associated with the marketing strategy, giving close attention to factors surrounding product, price, place, and promotion. In order to make effective marketing mix decisions, properly assessing the potential of the products manufactured by the company, identifying the most likely consumers to buy those products, and determining the most likely ways to price and promote those products to those consumers are all absolutely necessary. This process will often involve considering several different scenarios and making informed projections on the outcomes before a final decision on the ideal marketing mix is determined.
One of the first issues to consider with marketing mix decisions is the characteristics of the product itself, and which sectors or groups within the consumer market are most likely to be attracted to those attributes. Understanding the nature of the product, how it works, and why it should be chosen over similar products offered by competitors forms the basis for how the company will attempt to connect with the right consumers and motivate them to make purchases. During this phase of the process, attention must be given to all aspects of the product itself, right down to how it is packaged.
Marketing mix decisions involves call for careful attention to the pricing of the products. The idea here is to assess how much consumers are willing to pay in order to have access to the products. This often involves comparing the pricing of competitors and determining if the attributes that set the product apart from the rest are likely to be enough to attract consumers away from those other products for a similar price. Understanding the degree of demand that the product is likely to generate, and balancing that with the cost of production can make it easier to come up with a retail price range that is competitive but still sufficient for the manufacturer to make a decent level of profit off each unit sold.
Attention to where products are sold will also be crucial to making marketing mix decisions. The idea is to arrange for sales outlets that the targeted consumer groups are likely to inhabit on a regular basis. This includes brick and mortar retail outlets, mail order opportunities, and even web sales. By understanding the characteristics that define the ideal customer for the product, it is much easier to decide how to make sure the product is easily accessible for purchase.
A final crucial element with marketing mix decisions has to do with effectively promoting or marketing those products so consumer awareness is cultivated. Once again, this involves understanding the nature of the desired customers and using promotional tools that make connection with that customer base as effective as possible. Depending on the product and the type of consumer who is most likely to buy the product, the promotion effort may involve a blend of radio and television advertising, ads in print publications, and even the use of banner ads and promotional pages online. By assessing the chances of the desired customer demographics actually utilizing those types of media, it is possible to focus the promotion effort more efficiently and generate the most return for the investment in the effort.
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