Marketing Mix

The 13 Types of Marketing Mix: Which One Fits You?

What is the difference between marketing and advertising? Should I hire a PR agency or create my own buzz? Find out which of the thirteen types of marketing mix fits your company best.

The 13 Types of Marketing Mix: A Brief Guide

Each type of marketing mix suits specific companies and products. It’s important to discern where you fit in accurately, so that your money isn’t wasted on unprofitable strategies. Read this guide to help decide what type of marketing mix you need for your company!

One way to determine how well an organization will do in any given year is by looking at its budget. We all know that budgetary oversight is critical, but even more so when it comes to determining an effective marketing mix – i.e. the plan that contains your company’s marketing goals, strategies and tactics.

To determine what type of mix you need, ask yourself the following 13 questions:

1) What is my product? 

Is it a commodity or high-value? Or somewhere in between? Answering this question will give you insight into the type of product pricing strategy best suited for your business. 

Lets give you an example:

The fee for an aluminum contract, for instance, would depend on market prices while a luxury handbag would have a premium price due to its exclusivity. 

Similarly, hiring an agency to develop brand awareness campaigns is less necessary when you are selling commodities. It’s because the demand fluctuates dramatically with changes in price whereas products with exceptional value need to be marketed only once they are known by the public.

2) How unique is my product? 

Is it easy to copy or difficult to replicate? When products are easily replicated, innovation must be emphasized so that consumers choose you over your competitors. 

If there are no inherent barriers to entry in the market, marketing mix strategies should emphasize pricing and promotion instead of product differentiation. Your promotion strategy should be innovative and on point. 

3) What is the nature of my business? 

It’s critical to know where you fall on the product life cycle spectrum in order to determine how much marketing mix strategy emphasis should be placed on promoting/demoting products. 

At the maturity stage, companies tend to focus more on replacement sales. For example, getting customers to replace their old cars with new ones. 

On the other hand it’s common for young companies to rely primarily on building awareness about their brand and generating trial among consumers.

4) How well-known is my brand? 

Brand recognition goes hand-in-hand with market share. The more known your company or product is, the more money can be spent on promotion strategies designed for demand generation instead of demand creation (which aims at increasing brand awareness). 

Differentiation strategies are still necessary to build long-term consumer loyalty.

5) How well do I understand my target market? 

Successfully matching your marketing mix strategy with your audience’s needs is certainly an important aspect of the process. In addition to that, companies should also make sure they actually know who constitutes their demography. 

Relying on fishy resources is not an option while determining demography. This is because it will be much harder for you to tie specific marketing mix elements into your desired outcome.

6) How much time does my company have? 

Companies that are just starting out or are in a growth phase may not have the luxury of waiting to test out every possible marketing mix. In such a case , choosing fast-acting tactics to get your company’s name out there becomes more important. 

However, it’s also important to consider the long-term when implementing strategies. It will make sure you aren’t wasting time and money on improper methods.

7) What are my competitors doing? 

The effectiveness of any given marketing mix element depends on how much your competition is spending, in order to drive demand for their products. 

For example, if they’re already using digital marketing channels like email campaigns or display ads extensively. Whereas you haven’t started yet. Then that would be a major misstep in terms of market mix strategy. 

Knowing what everyone else is up to will give you insight into how well your own approach stacks up against theirs

8) How does culture affect my product? 

While marketing mix tools can be used to match your company’s products with consumers around the world. Sometimes specific elements may work better in certain cases depending on geographical area. 

For example, choosing not to provide warranty service for free might drive down demand among American customers who place a particularly high value on after-purchase assistance. 

However this could actually increase your sales in China where most people don’t expect post-sale assistance.

9) How is my target market evolving? 

It’s critical for marketers to keep up with trends if they want their efforts to succeed over the long term. Understanding how preferences are changing can help you develop strategies that will continue gaining favor as the years go by. 

One way of doing this is by reading industry reports about consumer behavior or market research. There are also plenty of free information sources available through the internet. This information provides helpful insights into potential areas where your business can capitalize.

 

10) What market factors will influence my marketing mix strategy? 

Changes in demand for certain products, price inflation, new technology, and even government regulations are just some examples of external forces.These forces have a significant impact on consumer behaviors and needs. The customer needs and demands must be taken into account while planning out your mix. 

By understanding what’s going on beyond your company’s control you’ll be able to develop better strategies.This inturn helps in reaching consumers despite changing circumstances.

11) Are all options equally viable? 

Some elements of the marketing mix have far greater levels of effectiveness than others.These methods and elements should be adopted by the companies. As they are better at pulling consumers towards products or services sold by companies. 

Make sure to study the market thoroughly. This will help you grab more new information. Incorporate creative ideas as much as you can. Don’t get fixated on obsolete ways. As it can get boring and redundant for your customers.

12) Can my company support the chosen mix? 

No matter how effective a given element is in establishing long-term demand for products and services, no company will be able to continue using it forever without diminishing returns. 

That’s why it’s crucial to look at each option analytically instead of focusing exclusively on short-term benefits.This way you’ll know if it will still be likely to bring in customers after several years of implementation.

13) Will my market believe in me?

Lastly, one other important aspect of choosing suitable marketing mix elements has to do with how well your intended customers view your company. 

For example, if the perception is that you provide low-quality products or services then you’ll need to emphasize on tactical elements of the mix. Example pricing strategies or distribution channels in order to make up for it. 

But if you’ve become known as a reliable brand over time (think about Apple) then your strategy can include less widely-used marketing mix tools. It’s because you don’t have to worry too much about negative effects on sales.

That’s all folks! 

We hope you have found this post informative and useful! 

If so , leave a comment below with your thoughts on this article or any questions/concerns! Also, please spread the word by sharing this on your favorite social media site(s).

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