A Profitable Marketing Mix by Stanley Tang The term Marketing Mix is commonly used in connection with marketing planning. It is the combination of products, promotions, places, that is, distribution channels, and prices that you choose for your business. If you include in the marketing mix both short and long term strategies, then you can make for a business that is more profitable. Long term strategies build company awareness as well as to give sales revenue a gradual boost. A temporary, immediate boost in revenues is created by short term strategies. It does so by giving buyers the incentive to purchase. By putting into practice long and short term strategies, immediate sales goals can be attended to while you build your business’s goodwill and reputation. Some examples of strategies are listed below. Long Term Strategies 1. Branding What are some of the things that contribute to your company’s image? They are general advertisements as well as other high profile activities. These not only help mold your image but it also helps to create loyalty from your clients. 2. Philanthropy What are some of the things that can build trust in your business as well as a positive image? When you donate, your money, time and/or services, this contributes to your company’s internal well being as well as towards your branding efforts. 3. New Product Pipeline Future sales is equated with new products in development. If you first get feedback from your customers and then design new products to meet their needs, you are going to ensure a demand for your products when they hit the market. Short Term Strategies 1. Sales If you hold a limited time sales then this encourages your customers to act. You more than likely have customers that have intended to buy but have just not “gotten around to itâ€. If you hold a sale, then this will give them an incentive to buy. 2. Group discounts and offers If you target a specific group with discounts or other special offers, this can help expose your business to new clients thus resulting in a surge in sales. 3. Pay-Per-Click Search Engines. This is another way to make your business visible to new customers. These are to be used carefully. You do not want to bid more than you epect to make from the click. 4. Marketing Mix as related to Search Engine Roles If your business has a high search engine placement, this can produce both short and long term results. You can gain immediate sales in the short term. With regards to long term results, they may come as potential business partners when they have located your site. You should not become obsessed with search engine optimization. It should be one part of your comprehensive plan.
Hi Stanley, I've bookmarked your website. Good referencing material -I'm studying a marketing degree.
Once I've read the titles I thoughts that they are a bit unbalanced... I'd rename "Group discounts and offers" in "Word of mouth" marketing.