PRICE
MARKET MIX This refers to the amount of money customers need to pay for your product or service. It should be determined based on the cost of: • Production, • Customer demand, and • Market competition. The best prices should balance between maximizing profit and customer satisfaction.
MARKET MIX This refers to the steps you take to market and sell your product or service. It includes activities such as: • Lead generation, • Customer acquisition, • Onboarding, and • Order fulfilment. It is important to have smooth process systems in place such as automated emails and efficient tracking processes. You also need to take into account how to take orders,
PROCESS
MARKET MIX This refers to the goods or services provided by your business. It includes aspects such as: • Packaging • Branding • Product features and • Quality. Some businesses may also offer services such as: • Warranties and PRODUCT
MARKET MIX This refers to those involved in marketing your product or service. They include staff members such as: • Customer service representatives, • Salespeople, and • Marketers. To hire and train the best people, you must have the right organizational structure and staff policies in place.
PEOPLE
MARKET MIX
distribution
• Physical stores, • Website sales, • Wholesalers,
• Third-party retailers.
This refers to the
channels used by your business. It includes:
and
delivery
stores,
PLACE
While determining the channels, consider the cost of
and customer convenience. Choose the most appropriate way to reach your target market, such as local
online platforms or global
MARKET MIX This refers to tangible aspects of your product or service that customers can use to evaluate its quality and value. It includes things like: • Design, • Packaging, • Branding materials, • Store displays, and • Customer reviews. In some cases, customers may even want to inspect the products before making a PHYSICAL EVIDENCE
MARKET MIX This is how you will advertise your product or service to potential customers. It includes techniques such as: • Print ads, • Television commercials, • Online marketing, and • Personal selling. The promotion strategy should be tailored to the target market. It must be appealing and effective in order to get PROMOTION
Why Marketing Mix is Important for Market Research?
Overall, the 7Ps of Marketing Mix are an important tool that can be used to develop effective marketing campaigns and gain insights into customer behaviour.
They help businesses create strategies that will increase sales, build brand loyalty and ensure customer satisfaction.
+971 4 5700 495 Contact Us MARKET MIX Indicators Consulting helps you use the Marketing Mix to gain an edge over your competitors. We provide comprehensive market research and strategic marketing consulting services that will help your business succeed. Why Indicators Consulting? Office 5, The Binary by Omniyat, Business Bay, Dubai, UAE
