It a saying that’s well known in business: if you don’t know your target audience well enough – and have figured out what they want exactly – you’ll commit business suicide and the company will inevitably fail.
You can be sure of attracting mountain loads of profits if you have a good insight into these concepts. Have an in-depth understanding of this and you will know exactly how to maximise profits in your own sustainable business, become a valuable asset within your company or gain endless promotions.
Unfortunately, for many existing digital marketers and those aspiring to be digital marketers, the concept of target audience is glossed over. People think that “everyone seems to know what it is” so it is not discussed because who the company is selling to is disregarded as basic knowledge.
What is the marketing mix?
The marketing mix definition is not complicated. It is about placing the correct product – or a combination thereof – in the correct place, at the right time, and at the right price. The challenging part is doing this well as you need to know every aspect of your business plan.
The marketing mix is associated with the:
- 4Ps of marketing,
- 7Ps of service marketing, and
- 4Cs theories.
In this article, we’ll have a closer look at the 4Ps.
The Marketing 4Ps
The marketing 4Ps are the basis of the idea of marketing mix.
#1 Marketing Mix – Product
The term ‘product’ refers to an item which is built or produced in order to satisfy the requirements of a certain group of people. The product can be intangible, or tangible, because it can be in the form of services or goods.
Make sure that you are designing the correct type of product which your marketing wants. This means that during the product development phase, the digital marketer must perform extensive research on the life cycle of the product that is being created.
A product has a particular life cycle which includes the growth phase, the maturity phase as well as the sales decline phase. It is essential for digital marketers to reinvent their products in order to stimulate more demand once these reach the sales decline phase.
Digital marketers must also design the right product mix. It may be a good idea to expand your current product mix by diversifying as well as increasing the depth of your product line. All in all, digital marketers must ask themselves the question “what can I do to offer a better product to this group of people than my competitors can.