You may remember this from marketing class, but if you don’t here is an overview of the Marketing Mix and how you can apply it to your Small Business.
Think about these 4 Ps and see how you are using each one within your business. This can be a very powerful tool for you to use in order to get your products marketed in a much more efficient way. Here are some questions you need to ask yourself about how you are using your current Marketing Mix.
Product
• 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?
Price
• 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?
Place
• 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?
Promotion
• 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?
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