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How to Utilize Marketing Mix effectively for your Business

 
In order to have a successful business, it is essential to have a good marketing plan, which helps present your business in front of potential customers. If you are starting a new business or planning your next campaign, begin with the popular marketing concept of Marketing Mix also known as the 4Ps.
 
The 4 Ps consist of the Product, Price, Promotion and Place. You can use it to your advantage to increase sales and profitability. Here is how you can utilize it for your next campaign.
 
Product
The first “P” stands for the product. Before you can begin distributing or selling, determine if you have the right product to sell. Look at the function of the product, as it must address the needs of the customer and should be styled correctly to appeal to your target market. Make use of mediums such as focus groups, surveys and test markets to make sure that people like what you have to offer.
 
Price
It is essential to price your product appropriately, as it helps in increasing the sales revenue. Determine a price for your product or service that will add value to the buyer. You can do so by offering lower prices with the help of discounts or bonuses. You could also have renewed credit terms and payment plans to make it easier for your customers to pay the price.
 
Promotion
When thinking of marketing, the first thing that comes to mind is promotion. Promotion includes communicating with customers through advertising, personal selling, sales promotion and public relations. Decide on the promotional strategies that you will use to sell your products depending on your target audience. If you have a business that sells cosmetic products or a apparel, opt for mediums like newspapers, television or radio. For service-related businesses, offer discounts and coupons to attract new customers. You can also look at your competitors and take cue at how they promote their business.
 
Place
Place – also known as distribution – talks about the process of how your products or services reach the customers. Are you going to sell directly from your company? Or would you opt for wholesalers, retailers, direct mail, catalogs and the internet? Whatever you choose, provide easy accessibility of your product to the client. To do so, place your products or services in the most effective area in which they can sell. Set up an appropriate distribution channel for your products and services to present it in the right place at the right time.
 
With the help of the 4 Ps, execute your business plans successfully and make your brand popular.
 
 

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