Tuesday, March 5, 2013
Marketing Mix for your Small Business
• What do customers expect from the product/service?
• Is the product/service satisfying customer’s needs?
• What does the product look like? Is it attractive to the customer?
• Is the size, color, etc. appealing to the customer?
• How is the product/service different from your competitors?
• Is the product/service profitable?
• Is your price appropriate for the product/service?
• How is your price compared to competitors?
• Is your customer price sensitive? Will lowering prices gain you extra market share? Or will increasing the price gain you a bigger profit margin?
• Where is the customer looking for your product/service?
• Are you accessing the right distribution channel?
• Where are your competitors selling their product/service?
• Are you selling online? If not, is that something you need to start doing?
• Are you getting your marketing message across to your customers?
• Are you reaching your target market through your current advertising? If not, try new ways of getting to your customer (social media)
• How are you promoting and advertising your product/service? Is it profitable? Are you seeing results?
• What is the competition doing?