What is a marketing mix?

Marketing mix strategy example

Every Marketing Mix is (and should be) unique.

What does the marketing mix do in the marketing strategy

Difference between marketing mix and marketing strategy

The key difference lies in the platforms which these two sides use.

Traditional marketing includes TV, Newspaper Ads, Radio, Magazines, etc.

As you can see weu2019re all familiar with tradicional marketing methods, theyu2019re easy to understand and weu2019ve used them for decades.

,Digital marketing includes Email, SEO, Content marketing, and as you can see, digital marketing is highly automated and efficient.

,Pros and ConsOf course, they both have advantages depending of what you want to accomplish.

Traditional marketing methods like television and magazine ads can be costly, especially for small businesses.

Itu2019s wise for you to build a marketing plan by selecting the most efficient channels and then laying on additional channels as the size and scope of your business increases.

In many ways, the lower costs of digital marketing create a more level playing field.

Digital marketing has an advantage over traditional advertising when it comes to targeting, and offers a great opportunity for interaction with your customers.

,So what could be the right mix of traditional marketing vs digital marketing for your business?It depends on your business and your goals.

Remember to avoid limiting yourself to one marketing channel.

Seek help from experts.

Test and optimize your plan so that you can develop the best marketing allocation for your business.

Be wise.

4 Ps of marketing example

Know WHO your customer is,Find out WHAT their #1 most painful problem is.

WHAT keeps them up at night?,WHAT do they fear and worry about?,What do they desire above everything else?,What is massively important to them? Itu2019s important to note: Whatu2019s really important to people is always expressed in their behavior and NOT in what they say! So, find out what your customers spend their time and money on.

Is it u201cstatusu201d (big cars, jewellery)? Is it u201cfamilyu201d (house, schooling for kids)?,Once you know the above, itu2019s time to build your marketing message.

Use what you learned in 1u20135 and communicate with your customers in a way, which speaks to their fear, pains, worries, desires and goals.

,Bring your message to the marketplace with the intent to PERSUADE and SELL.

,Test and track everything against the number of sales.

Remember: EFFECTIVE MARKETING MEANS YOUu2019RE SELLING MORE.

Punto.

Blanco.

Perioda.

So, test different marketing messages and judge how effective they are, by tracking response and sales.

,BONUS: I have just handed you a million $ marketing plan.

No motivational platitudes, feel good u201crah rahu201d bs or dry theory.

Iu2019ve provided you with a step by step plan, to make more money selling your products or services.

Would you care to guess what percentage of readers actually implemtents this? Only the smartest and most dedicated business owners will take actionu2026.

Marketing strategy and marketing mix PDF

Please refer to the 10 posts on Business Models Analysis by Tom Eisenmann - Professor at Harvard Business School,http://platformsandnetworks.

blogspot.

com/,The first post in the series presents a comprehensive list of issues entrepreneurs should consider when designing a business model.

,http://platformsandnetworks.

blogspot.

com/2011/07/business-model-analysis-part-1-key.

html,The questions are also available in a downloadable one-page PDF.

The questions are grouped into 4 categores: Customer Value Proposition, Go-to-Market Plan, Technology & Operations Management, and Profit Formula,http://dl.

dropbox.

com/u/9037692/Business%20Model%20Questions.

pdf,nI had developed something I call CMMi Model for Business Planning.

It is described as follows:,Before you start, briefly describe your business idea or concept.

What do you really do? Whatu2019s your vision? Tell about the Management team, who will be responsible for executing the business idea.

What roles different team members will play and what relevant skills do they possess?,CustomerWho do you help? Specifically, who are your constituents, users, or customers?,Burning Problem (or Pain).

What is the u201cBig Problemu201d that your constituents have?,Market details.

Which Industry do you belong to? What are the Target Market Size and Growth Rate? How do you segment the market? Who are the key players in this Market?,nMarketing-mix> Productn,Value Proposition.

What is your offering and benefits? How your product/service is new and unique? Is there clear customers need being satisfied? How important is this product/service to the customer?,Prototype.

Have you developed a Prototype or working description of the product/service? Have you gone to the market to test receptiveness of potential customers?,Competition.

Who are your competitors? What are your differentiators? What is your sustainable competitive advantage?,n> Pricen,How will you make money? What is your Pricing Strategy?,n> PromotionHow will you get the word out?,How do you position your product in the mind of the customers w.

r.

t competitors?,n> Placen,How will you get your product or service to customers? Describe your sales and distribution strategy.

,nMoney> Investments and ReturnsWhat type and amount of capital investment is required? What investment sources will your team solicit for funding, and how will you utilize this capital? What is the proposed ownership structure of the venture? How long will it take the venture to be financially self-supporting? What is the investment exit-strategy?,n> Financial Forecastn,How do your Income Statements, Balance Sheet, and Cash Flow Statements look like for next 5 quarters?,n> Risksn,What could go wrong? - Explain the top obstacles that your teams business concept could face in the near future, and how your team plans to overcome such obstacles.

,nImplementation RoadmapWhat are your projects milestones?