How to Properly Formulate a Marketing Mix Strategy

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Marketing Mix Strategy

The term “media mix” has been a long-established foundation model for companies, historically focused on price, product, location, and advertising. The media mix is typically defined as the “aggregation of all the media tools that a company uses to pursue its marketing goals in the target audience.” As a marketing mix, a media mix may consist of radio, television, print, outdoor, and promotional opportunities. The purpose of this description is to provide a clear framework for defining the different types of the marketing mix. In addition to this, the term media mix is also used to describe the process by which a company utilizes these marketing tools to increase customer reach or awareness.

How To Define The Media Mix

When defining the media mix, companies use the three main channels: radio, television, and print. Nowadays, social media has been added as a new channel. It has become increasingly easy to market a product or service on social media, especially with growth boosters such as those that allow companies to buy YouTube likes and reach a wider audience. However, this definition can sometimes be expanded to include other factors such as Web presence or increased interactive capabilities. The three major media outlets are commercial radio, television, and print. Many marketing managers recognize that each outlet provides different forms of exposure and influence. For example, television provides an audience who are exposed to different programming, while radio provides a specific format and audience for specific advertisements. While some marketing managers use both mediums, others focus on only one or the other.

Components Of The Marketing Mix

Marketing managers must determine what components make up the marketing mix in each channel. The three elements are the format, audience, and promotion. These elements can often be thought of in terms of a triangle, with the three components working together to promote the product. When determining which components make up the marketing mix in each channel, marketing managers will consider these three components individually or in conjunction.

  • Format – The format of a marketing mix will vary according to each channel. For example, a radio campaign will focus on promoting the product through the utilization of repetition. A television campaign will use similar tactics but will be more likely to use music or special effects. This form of promotion will often work well in combination with a print or website promotion.
  • Audience – The audience for a given marketing mix strategy will vary from one channel to another. For example, a print or online campaign will target a very different audience than a radio campaign. Different marketing managers will take this into consideration when formulating their strategy. Knowing the audience for each strategy will be an important factor when formulating the overall strategy.
  • Market Research – In every marketing mix strategy, market research is an important component. Market research must be conducted prior to implementation in order to determine the most effective promotional method. This includes studying the market, competitor’s pricing points, consumer responses, demand, and brand loyalty. Each of the elements listed above must be studied thoroughly before formulating a promotional strategy.

Marketing managers must remember that each element listed above should be studied individually and that a promotion will be most effective if it contains all of the elements listed. They should also focus on the importance of small talk in retail sales. If any of the components are overlooked during the development of the marketing mix strategy, the results will be minimal. Each of these four factors should never be overlooked when formulating a successful promotional strategy. When a manager neglects to include any of these four factors, their promotion will be deemed ineffective. Once these four factors are included in all marketing campaigns, consumers will be more willing to purchase the products or services offered.

Summary

These four marketing mix elements should never be ignored when formulating a promotional marketing mix strategy. When any of these four elements are not present in a marketing campaign, consumers will be less likely to purchase the products or services offered. Successful marketing mix strategy is based on the ability of marketers to target the right market, which is determined by studying each of the primary target markets. Marketers must also incorporate other elements into their campaigns to create the most effective marketing campaign.

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