Marketing Mix - Top 4 Promotion Mix Tactics

Marketing mix is part of your marketing plan. It defines product, place, price and promotion. The promotion mix targets raising product or brand awareness, communicating the unique value proposition of your product and gaining acceptance of your products. The primary purpose and focus of promotional mix is to get the desired result: the sale of your product. There are more than seven common promotion mix tactics and while most businesses do not use all of these tactics to promote and sell their products, they do use a mix of these tactics.

The Top 4 Promotion Mix Tactics:

Personal selling is one of the most common of the promotion tactics. Most companies will hire people to do the selling: sales representatives, account managers, inside sales representatives, retail sales, sales agents, or telemarketers. Face-to-face selling is one of the most common methods of selling, although sales by phone, and more recently, sales by email, are becoming well used. These are not necessarily as effective, but they are low cost sales tactics.Advertising is another common promotion tactic. Advertising focuses on brand recognition and identity; not on the product alone. Advertising can be a costly tactic that only the big businesses can invest in; particularly advertising on television which can cost anywhere from 0,000 to over million for a national broadcast in prime time (for a 30-second spot!). This cost is in addition to the cost of producing the commercial. Advertising in industry or consumer magazines is less expensive and typically you can target your advertisement to a specific industry or region. Other advertising can include car or bus 'wraps', events (such as sports, music, art), and billboards. The Internet is becoming a very popular place to advertise, and on a relative basis, it is more affordable.In the retail marketplace, consumer promotion is very common. Buy one, get one free. Coupons for discounted or free product. Free trial packages. Cash discounts or refunds. Contests that give back cash, prizes, or products. The commitment by marketers to consumer promotion is that this form of promotion can be designed to be very measurable. Coupons, contests, and packaging can be coded to report redemptions and to report sales increases and/or decreases related to consumer promotion. Additionally, packaging new products as a trial, with a mature or declining product, can often provide an opportunity to up-sell and extend the declining product's life-cycle.Public relations (PR) is another common promotion tactic. Public relations includes writing and distributing press releases (to the local newspaper, the national newspapers, to online PR sites, to radio and television, to magazines, and more). The key for effective PR is to identify and understand your target audience, the key message or messages you want to deliver, the credibility of your organization, and the recognition that PR is not a sales tactic but an identity (whether corporate, brand or product) building tactic.

Marketing Mix - Top 4 Promotion Mix Tactics

The most effective promotional program is usually one that uses a variety of tactics and techniques. It is important to measure the effectiveness of the program you engage in, and adjust your promotional program to increase effectiveness and outcome (sales).

Marketing Mix - Top 4 Promotion Mix Tactics
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To find out more about marketing mix, promotional tactics, push and pull strategies, and product life-cycle, visit http://www.more-for-small-business.com/marketing-mix-promotion.html and for more on small business resources and advice, please visit http://www.more-for-small-business.com/
Kris Bovay is the owner of Voice Marketing Inc, a business and marketing services company. Kris has 25 years of experience in leading large, medium and small businesses. Copyright 2008 Voice Marketing Inc.

Marketing Mix - 4P's of Marketing Mix (Product, Price, Place & Promotion)

Marketing mix or 4P's of marketing are the most common terms used in marketing since last 50 years. Major part of the marketing plan discusses marketing mix ingredients product, price, place and promotion in great deal. Marketers have to use marketing in best way to get results out of it.

Product
Product refers to the first 'P' in marketing is the tangible or intangible product developed and offered to the customers in the market place. Television, computers, cars and etc are the examples of tangible products on the other hand laundry, repairs, telecommunication services and etc are the example of intangible products also known as services.

Price
Price is the second 'P' in the marketing mix. The amount customer pays for purchasing the product from the market place is called the price of the product. Price is the second 'P' of marketing mix assigned to the product by company based on material, labor, competition, product cost, after sales services, competition, season, government regulations and etc.

Marketing Mix - 4P's of Marketing Mix (Product, Price, Place & Promotion)

Place
The physical and virtual place for selling the product is known as place. It can be any store, outlet, online Website, warehouses, whole sale stores, distribution companies, retailers and etc. Any physical and virtual place directly interfaces to the final customers or immediate customers come under the category of place.

Promotion
Promotion is the 4th and last 'P' of marketing mix. Promotion is the tool used by the marketers for marketing communication of products and services to the customer. Advertising, direct marketing, personal relations, Internet marketing are few means of promoting the products and services.

Marketing Mix - 4P's of Marketing Mix (Product, Price, Place & Promotion)
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Definition of Marketing Mix - Product, Price, Place and Promotion

Getting the marketing mix right for your product or service means you are covering all of the important bases in your marketing campaign. Here is a definition of marketing mix and a description of its main components.

The term marketing mix refers to the primary elements that must be attended to in order to properly market a product. Also known as The 4 Ps of Marketing, the marketing mix is a very useful, if a bit general, guideline for understanding the fundamentals of what makes a good marketing campaign. Here is a brief description of each component of the 4 Ps of the marketing mix.

Product: The marketing mix concept has its roots in the 1950s U.S. corporate marketing world, and the practice of marketing has obviously evolved tremendously since this term was invented. One of the changes is that there are a lot more services available nowadays, such as those available online. Also, the distinction between product and service has become more blurry (e.g., is a Web-based software application a product or a service?). Either way, product here refers to products or services. The product you offer needs to be able to meet a specific, existing market demand. Or, you need to be able to create a market niche through building a strong brand.

Definition of Marketing Mix - Product, Price, Place and Promotion

Price: The price you set for your offering plays a large role in its marketability. Pricing for offerings that are more commonly available in the market is more elastic, meaning that unit sales will go up or down more responsively in response to price changes. By contrast, those products that have a generally more limited availability in the market (but with strong demand) are more inelastic, meaning that price changes will not affect unit sales very much. The price elasticity of your offering can be determined through various market testing techniques.

Place: This term really refers to any way that the customer can obtain a product. Provision of a product can occur via any number of distribution channels, such as in a retail store, through the mail, via downloadable files, on a cruise ship, in a hair salon, etc. The ease and options through which you can make your product available to your customers will have an effect on your sales volume.

Promotion: Promotion is concerned with any vehicle you employ for getting people to know more about your offering. Advertising, public relations, point-of-sale displays, and word-of-mouth promotion are all traditional ways for promotion. Promotion can be seen as a way of closing the information gap between would-be sellers and would-be buyers. Your choice of a promotional strategy will be dependent upon your budget, the type of offering you are selling, and availability of said promotional vehicle.

Marketing has come a long way from the 4 Ps of yesteryear, and yet understanding this marketing mix is for your product remains very relevant today. The marketing mix serves as an excellent touchstone for continually checking that you are covering all of the bases in your marketing campaign.

Definition of Marketing Mix - Product, Price, Place and Promotion
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