How Does Marketing Strategy Relate to the Marketing Mix? | Your Business
The aim of this study is to investigate the effects of firm characteristics and marketing mix strategies on export performance. An integrative approach is used in. Brand value is the financial outcome of management‟s ability to leverage brand strength via tactical and strategic actions in providing superior current and. The marketing mix, as part of the marketing strategy, is the set of controllable, tactical marketing tools that a company uses to produce a desired.
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The Relationship between Elements of Marketing Mix and Brand Equity | OMICS International
What promotional strategies do your competitors use? Created almost four decades ago, the original marketing communications mix has proven to be invaluable to many branding experts. The extended marketing mix definition: People People is a very broad part of the marketing mix. It can refer to the people you design your branding for or the people who are directly involved with your business.
Your ability to recruit and connect with the right people in your industry is fundamental to running a successful business.
The Relationship between Elements of Marketing Mix and Brand Equity
In the past, the marketing mix was all about delivering a product to a customer. Now, the processes and systems that a service-based company has in place can have a huge impact on the end results. This means looking at your payment systems, distribution solutions, and sales funnel to make sure that everything is running smoothly.
Tweaking part of the process can help to streamline your company, and even help your customers to perceive your service as reliable. Showing a dependable company is crucial to any branding strategy. Physical evidence Finally, this element of the marketing mix is all about delivering absolute customer satisfaction.
More than just a website, or a few brochures, physical evidence helps you to make a mark in your industry. When you think of fast-food, the chances are that you think of those golden arches. Just as the original marketing mix has evolved over the years, the chances are that our current marketing mix definition will change with the times too.
Now, more than ever before, businesses are focusing on adjusting their strategies to the needs of their customers. By looking at the marketing mix from the 4 C perspective, you might be able to enhance your branding strategy by evaluating your company through the eyes of your customer.
Customer The first pillar of the customer-centric marketing mix is the actual customer. Basically, this element looks at the wants and needs of the consumer in relation to the product or service offered. For instance, you might look at the value of your product to your customers, the advantage they can gain from it, and how you can adjust your strategies to target specific groups.
When adjusting your branding strategy for your customerremember: To position service and profits to suit the existing needs or pain points of your customer. The position of your product or brand in any market comes from the value assigned to it by your customers.
Customers should drive the decisions you make in your business. Before adjusting your brand strategy, evaluate how each change will affect your customer.Marketing Mix: Product Strategy
Cost Cost and price might seem like the same thing. When considering price, think about: Is your figure reasonable for your target market? Will shipping costs add to their bill, will regulations have an impact, will your customer need to purchase additional services to make the most of their first purchase? Does the benefit your brand is offering your customer support your prices? Communication is about connecting with your audience in a meaningful way.
Rather than just placing the evidence of your product or service in front of a customer, you start a conversation, and build a link that encourages loyalty and trust. A plan is crucial: Make sure that you think carefully about how and where to speak to your audience. Build your understanding of customers, and enhance on-going relationships. Adapt your marketing communications mix to suit the needs of different segments.
What you say, and how you reach out might different from one user persona to the next.
Convenience Last, but not least, we come to convenience. This means finding out where and how your customers shop, and streamlining the process for them. The barriers your customers might face when trying to access your product or service e. Whether you have multiple options for purchasing — customers often prefer a choice.
One is composed of the what, where and when while the other decides how much emphasis to put into each component of marketing. Marketing Mix The marketing mix is composed of four main components, known as the 4 Ps: The components of the marketing force you to consider how much you will charge for the product or service you are selling; as well as when and where the product will be sold. For instance, a cleaning service would be wise to sell its service during the spring when consumers are planning major projects; similarly, promotions at around key holidays will also drive in more business.
Marketing Strategy The marketing strategy looks at the big picture of providing a profitable product or service to a customer while taking into account that same customer is being courted by the competition. To survive against strong competition, your company will need to pay attention to your competition's price and quality; then make decisions on how to win customers. For instance, is your company equipped to sell a superior product at a higher price point; or would your firm do better by offering a comparable product at a lower price?
Place means the availability of the product and service sold. This includes the marketing channels used as well as the physical distribution of the goods transportation and warehouse. Promotion includes the means taken to inform the customers of the products and services provided, including personal selling, advertising, sales promotions, and public relations. It is said that a product is completed when customers know it exists, know its quality and features, react to it positively, and buy it.
Without knowledge there can not be demand. Promotion enables product awareness, positive attitudes and buying decisions [ 41 ]. Although there has been great interest in the concept of brand equitylittle conceptual development or empirical research has addressed which marketing activities most support the building of brand equity [ 9 ].
Researchers have focused on exploring the brand equity concept, rather than its sources and development. They pointed out that numerous dimensions precede brand equity. For instance, any marketing action could affect brand equity since it signifies the effect of accumulated marketing investments in the brand. For example, brand-name recognition with strong associations, perceived quality of product, and brand loyalty can all be extended through precise long-term investment.
Thus, brand equity is not managed in the short term but rather over time, by sustaining brand consistency, protecting the sources of brand equity, taking appropriate decisions about leveraging the brand, and altering the supporting marketing programs [ 42 ]. For instance, taking marketing decisions related to the selection of a brand name could easily affect brand equity either positively or negatively, since it could enhance the reputation and image of the brand, the brand loyalty, and the perceived brand quality.
Researchers also propose that marketing decisions and market conditions influence brand equity. Simon and Sullivan [ 14 ] list advertising expenditures, sales force, and marketing research expenditures -along with the age of the brand, advertising share, order of entry, and product portfolio-as the foundations of brand equity.
Marketing activities such as the use of public relations [ 8 ]; warranties [ 43 ]; slogans or jingles, symbols, and packages [ 8 ]; company image, country of origin, and promotional events [ 1 ]; and brand-naming strategy [ 42 ] have also been put forward. According to Yoo et al. They investigated consumer perceptions of five selected strategic marketing elements: Consumers use price as a significant extrinsic cue and signal of product quality or benefits.
High-priced brands are often perceived to be of higher quality and lower risk compared to low priced brands. Consequently, price is positively related to perceived quality. Rao and Monroe [ 44 ] show that a positive relationship between price and perceived quality is well founded in previous research. By increasing perceived quality, price is related positively to brand equity. While a low-priced product would imply transaction utility i. Both lowand high-price strategies help consumers equally regarding awareness of the product.
Distribution intensity is also highly correlated with brand equity.