A Value Is Not Available To The Formula Or Function 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 memorized their formula for success: “location, location, location”. If you don’t happen to be in the real estate agency business, what would be your formula for success? What should you look for to create the best conditions for the development of your business? 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 was realized that 4 key ingredients were needed for marketing success and they came to be known as the 4 P’s.

The following is a traditional marketing mix to create a successful business formula:

1) Product Branding – What do you need to meet your customers’ needs? A product brand includes name, design, function and quality, but should also include things like packaging and available back-up services such as accessories, warranties and repairs.

2) Price – setting the right price. The best marketing mix tactic is to research your competitor’s products and price to get an idea of ​​where your place in the market should be. Traditionally, consumers have been seen to value more expensive products, but the trend has changed. People buy what they need, not what they want, so take that into account. Price testing is essential to get the right level to balance your profits.

3) Promotion – What promotional 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 important. For example, paying for a super expensive website will only work if you know how to generate a lot of interest to drive people to check out your business. You must have a good understanding of how the internet is used and the role keyword research plays in growing a long-term business.

4) Location – Where will your business be located? In fact, this is where “location, location, location” comes into play. So many great businesses have gone out of business due to the simple mistake of opening a store without enough foot traffic, parking or other businesses to generate healthy passing trade. Careful examination will reveal how busy the area is over a 24-hour period. If there’s an active newsstand, convenience store, or barbershop nearby, you can hold back their walks and gain a valuable resource to build your business base.

As you can see, the marketing mix can be a successful framework, especially if all four elements are applied to your own business situation. If you need additional help learning how to use the Internet to market your product, please contact us. Trainings are constantly updated in the field of online marketing. Just add it to your marketing mix and create an even better business formula for success.

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