Jerome McCarthy
How to identify the strengths and weaknesses of your marketing mix. With the marketing mix, companies implement their marketing strategy into operational measures for the marketing of products/services. For many companies, the right composition and mixture of the four instruments (product, price, distribution and communication policy) is a difficult issue. Costly marketing flops are the result. The marketing consultancy WMC has now published a checklist, which the strengths and weaknesses in the marketing mix can be identified quickly and easily. The basics of a marketing mix are created in the marketing strategy. (Not to be confused with Larry Ellison!). The classic model of Jerome McCarthy works with four P BBs: product, price, promotion and place. Additional P’s are used in various developments.
The classic company rich these new instruments such as processes, physical facilities, personnel, public relation, pamper and many others are useful for specific tasks, for the normal”but completely out. The traditional four P’s Key questions about the basic requirements, which must meet a product or services in the market and the competitors, to succeed include: product mix (product): which properties must exhibit the products/services of the company to meet the needs of the customers and to be able to exist in the competition? Price mix (price): How price or terms of the products and services be designed so that they are accepted by the customer and can exist in the competition? Distribution mix (place): How do the products/services as simply as possible, quickly and at low cost to the customer (and preferably better, faster and cheaper than the competitors)? Communication mix (promotion): How can the company make to the products/services that are carefully as quickly as possible many CPI and customers to win (and preferably better, faster and cheaper than the competitors)? Each P is divided in the marketing mix in many questions of detail, individually mixed and put into actions or campaigns. The right mix is so difficult, because the intended effects, but can be not exactly intended measured only if the relevant budget was already spent. Errors in the four strategic elements and the marketing mix can lead to marketing flops in considerable proportions, which can plunge not rarely just smaller companies in existential crises. With can the strengths and weaknesses in a marketing mix marketing mix of the WMC checklist quickly and are easily identified by the statements of the four P’s with”or not true” will be answered. Each right”stands for a strength in the marketing mix, each wrong” indicates a weakness in the marketing mix.
Tags: advertising & pr, marketing