Factors That Affect The Success Of A Marketing Mix

marketing

Factors That Affect The Success Of A Marketing Mix

Marketing is an important part of any business. It has the ability to either create demand for a product or service, or the opposite – making people not want to have it. Marketing is basically the art of consciously stimulating demand for products and/or services; possibly including variety of a targeted market; determination of certain characteristics or themes of products and services to promote; and methods and tools for managing and monitoring marketing campaigns. Marketing therefore is one of the key ingredients of any business and has become even more important in today’s global marketplace where new businesses are sprouting up every day.

The marketing mix of any business will largely depend on the purpose and nature of the business. In the context of SME’s (small and medium enterprise), the marketing mix will be different as compared to a large organization. Smaller organizations need a more personalized approach while large companies tend to adapt to general marketing principles. There are 4Ps that are crucial to the success of any marketing campaign. These include quality, uniqueness, perceived value and immediate benefits. If any of these four topics is lacking in your marketing mix, chances are, your marketing efforts will fail.

Quality is very important when it comes to marketing strategy. When a marketer is creating a marketing strategy, he should first build a target audience list. A target audience list gives an insight into the needs of the target market. The next step would be to identify the specific needs of the target audience, analyze the existing market landscape and determine the best marketing strategy that will bring about the most benefit to the company. An effective marketing strategy is one that is tailored to the specific needs of the company; one that takes into account the factors such as target audience, competition and other relevant factors.

Unique selling propositions or selling tactics form another important component of a marketing mix. Marketers should seek to understand the culture, motivation and other aspects of the target audience. These factors can help marketers come up with unique selling propositions or selling tactics that will appeal to the target audience. Understanding the target audience and its preferences can help marketers come up with marketing strategies that will be more appealing to the customers.

Another way of building a marketing mix for a small business is through effective strategies of automation. Some marketing tools are capable of conducting various activities such as tracking customer behavior and measure conversions. Marketers can also use social media tactics to reach out to potential customers. These social media tactics are most often incorporated in marketing campaigns that are conducted online.

A comprehensive understanding of the factors that affect the success of any marketing mix is necessary for marketers. A marketing strategy that is effective has a higher chance of conversion than one that is not. Marketers should also be familiar with the changes in advertising rules that are implemented periodically. They should know the different types of advertisements that are being employed in the market today. With these facts in mind, they will be able to come up with marketing strategy that will be most effective.