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The Marketing Mix And Why You Should Understand It
The marketing mix is the first thing taught in most business classes, according to EFG Marketing Solutions, Inc.. One cannot run a successful business without knowledge of it. However, many small business owners or entrepreneurs have not had the formal training to know what is meant by this term. The phrase was invented fifty years ago to describe what should be instinctual for those in business. The phrase is still used today, though the definition and its importance will never be replace or irrelevant.
The marketing mix is simply these four elements: Product, Price, Place, and Promotion. They are commonly known as the four P's. Packaging is the debated fifth P. The product is what you sell. The price is how much you charge for it. The place is where you sell it. The promotion is how you let people find out about it.
One must start with the product. You've got to find something that no one else is selling and then figure out how to get started. Is there something you think would be useful that you can't find anywhere? There is your product. Products are difficult because they're always evolving and competition is stiff.
"Price is a tricky issue because you have a lot to think about. It would be easy to say, ""Charge more than what it costs to make it, "" and you must do this anyway to make a profit. But consumers expect certain types of things to be certain prices. Do you want to play with their idea of a price? Will it hurt your reputation or make you an enemy in the business world?"
Place is fairly simple. You want to sell your product in a place where it is likely to be bought. Who are you gearing the product to? Why? Do you have a web site? Can you expand your sales region? Do you want to?
Promotion is quite literally how you promote the product. How are people supposed to learn of it? Some ways are better than others, based on the target market. You once again must figure out whom you're selling it to and then figure out how they hear of things. Would pre-teens be likely to read about it in a newspaper? Or would a television ad on a pre-teen channel be a better method?
According to EFG Marketing Solutions, the four P's are starting to be replaced by the four Cs: consumer, cost, convenience, and communication. Cost and communication is essentially the same thing as price and promotion. Consumer is thought to be a better definition than product because the term consumer means you're looking at the buyer and what you can supply for them, not merely what you can make in terms of yourself.
Convenience is a revolutionary idea in the marketing mix in terms of creating a product, says EFG Marketing Solutions. Some will buy a more expensive item simply because it is more convenient to get than that of a competitor. Convenience refers to more than just where the product is and how easy it is to get. This is a large factor, of course, but one must also think about goods and services included with the product, if it can be shipped, if it can be assembled for you, how it is packaged, how it is ordered, how it can be paid for, and what the general thought is about the product.
EFG Marketing provides unmatched experience, maturity, professionalism, integrity, and commitment when it comes to their clients' marketing needs. Since 2005, EFG Marketing has provided professional and reliable results for their Fortune 500 customers' bottom line.
Ambarella offers Wireless Camera Developer's Kit to create connected cameras (dpreview)
Chip-maker Ambarella has announced a Wireless Camera Developer's Kit that will
enable the development of software and Apps that can capitalize on the
wireless capabilities of its latest processors. The kit allows camera makers
to provide features such as remote viewfinder apps and the ability to stream
HD video to web broadcasting sites such as Qik and Ustream as well as
uploading images to sites such as Facebook. The kit is a result of a
collaboration with Qualcomm Atheros, the networking and connectivity
subsidiary of Qualcomm, whose chips underpin many mobile devices.
OKI INC CHIP
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