True Or False Music-Making In The Home Became Increasingly Important 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

Real estate agents have marked the formula for success on their heads: ‘location, location, location’. If you happen to not be involved in a brokerage firm, 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 of 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 became clear that there are 4 main components necessary for marketing success and they became known as the four P’s.

Below is the traditional marketing mix to create a successful business formula:

1) Product Branding – What do you have to meet your customer’s needs? Product branding includes name, design, function and quality, but should also include things like packaging and the back-up services that will be available, such as accessories, warranty and repairs.

2) Price – determining the right price. The best marketing mix tactic is to research your competitors’ products and price to get an indication of where your place should be in the market. Traditionally, it could be seen that consumers place a higher value on the more expensive products, but there has been a change in the trend. People buy what they need as opposed to what they want so keep that in mind. Price checking will be essential to getting the right level to balance your profits.

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 website will only work if you know how to generate a lot of interest to lead people to view your business. You will need to fully understand how the internet is used and what part keyword research plays in growing a long-term business.

4) Place – where is your business going to be based? Actually this is where the “location, location, location” comes into play. So many excellent businesses have collapsed because of the simple mistake of opening a store where there isn’t enough foot traffic, car parking or other business to generate a healthy passing trade. Careful research will show how busy the area is in a 24 hour period. If there is an active newsagent, minimarket or hair salon nearby, you can bring back their foot traffic and gain a valuable resource to build your business base.

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

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