The Marketing Mix by 50MINUTES.COM

Author:50MINUTES.COM
Language: eng
Format: epub
Publisher: 50Minutes.com
Published: 2015-09-02T00:00:00+00:00

Practical application

Advice and top tips

The marketing mix can help with decision-making as part of a new offer on the market or testing an existing offer. It goes without saying that we must first identify the object to be analysed, whether it is a product, service or brand, for example.

Before building or analysing the marketing strategy based on the 4 Ps or a related model, the company must define its target market. To do this, it must conduct a market study, which will enable it to better understand the expectations of consumers and position themselves accordingly.

Furthermore, it is necessary to perform an internal and external analysis of the company to determine market segmentation (division of the market into homogenous groups of consumers based on their needs, characteristics or behaviours).

The company then follows one or more segments of the market and chooses a marketing target (selected segments according to the strategic interest that they represent for the company).

Once the target has been established, it can define its positioning, i.e. place its product among competitors.

Notice here that the consumers are central to the marketing approach. It is for this reason that the 4 Cs model is often preferred to the 4 Ps, even if the variables here are simply discussed from another angle.

To establish its marketing mix strategy, the company must then answer a series of questions for each component of the model.

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