I strongly believe to be the best marketer you can be, it is vital to remember the fundamentals and to know the basics. To know the basics you need to go back to the marketing mix.
“The marketing mix describes the variables that marketers must work with in deciding their strategy” (Forsyth, Marketing – A guide to the fundamentals). The marketing mix consists of:
- Product – the visible, the physical substance you are selling and what its function is.
- Price – how much the product costs and in comparison to its competitors. What pricing strategies are being used? For example are you using competitor based pricing by under cutting your competitor by x amount? Is premium, segment or discount pricing being used?
- Place – where is magic happening? Where is the product being made? Where is it being sold sold and how?
- Promotion – after research has been conducted, where is the best place for your product to be seen? How is your product packaged? Who is the target audience? Advertising can help define the task at hand – deciding what to say to whom, deciding how to say it and deciding where to say it
- People – employees encapsulate a company’s values and principles which help them to deal with each other, with customers and consumers. Training is essential and communication is paramount.
- Process – how are systems put in place to get your message across to the consumer?
- Physical evidence – making things tangible so consumer can see the quality through evidence like brochures.
If you know and stick to the basics of the marketing mix, you already have a strong foundation in helping you to grow into a good marketer, a good story-teller and ultimately satisfying the customers needs.