Below are 8 reasons why marketing mix is important in business:
- Physical environment
The aim of every business entity is to make sales and profit from its customers.
To enable you achieve this goal, marketing mix 7p is an effective marketing strategy you can use to increase sales in your business.
This article, is therefore, seeks to look at how the marketing mix 7p interact separately and collectively to make sales happen.
Marketing Mix: Products
Products are important components of marketing mix that you can use to drive your business.
Furthermore, you cannot talk of sales without mentioning products. In other words, products are what attract customers to your business.
However, for people to buy from you, the products should meet the following criteria:
- High quality
- Long lasting
- Easy to use
- Meet the needs of your customers
- Make customer happy
- And satisfied
Moreover, remember that customers do not just buy what you sell, they also buy to:
- solve their problems,
- satisfy their needs,
- make themselves happy
Furthermore, your products should be engineered to provide the highest value, quality and satisfaction to your customers.
Most importantly, you should also remember that it is only customers who are satisfied with your products that can give you referrals and recommendations.
Marketing mix: People
You need people in your business to make things happen.
In other words, things do not just happen. It is people that make things happen.
The people component of marketing mix is very important to the success of your small business.
For example, drivers, cashier, store keeper, stock clerks, invoice clerks all play one role or another to make sales happen.
Furthermore, public relations employees, marketers, customer service reps are all important part of the team.
Most importantly, even the best products will not sell themselves. People must play some roles to close sales.
Marketing mix: Place
Place is another important component of marketing mix.
Besides, it is the place where you have your shop, store or warehouse.
Moreover, it is the place where most of the actions take place.
More importantly, the place should meet the following requirements:
- It must be convenient for your customers, suppliers and employees
- It must have good access road
- There should be security
- The place should be pleasant and attractive.
- The place should be a place customers will be happy to have a recommend to their family and friends.
Therefore, you need to regularly upgrade the place where you do business to enable you to keep your existing customers and get new ones
Therefore, if the place is inviting, you will make more sales and profits. And your business will grow
Marketing mix: Price
Price is an all important component of marketing mix that can make or break your business.
Remember that price is just an estimate of what the customer will be willing and able to pay.
In addition, product pricing has and will continue to be a source of worries to businesses. Yet prices must be set.
Firstly, if you price your products too high you will scare your customers away.
Secondly, if you price your products too low, you run the risk of operating at a loss.
This is because you will not be able to cover the operating costs of your business.
Thirdly, if you set your prices too low, customers may think that your products are inferior.
More importantly, you should make sure that you set prices at levels that will enable you to compete in the marketplace.
Most importantly, you should regularly review your product pricing strategies to enable you drive sales.
Business promotion is one of the important marketing mix you need to drive sales in your small business.
Advertising, public relations, marketing and sales promotion are some of the tools you need to drive sales into your shop.
For example, if you do not promote or advertise your business many people will not know that your business exists.
Furthermore, when you promote your business, you more people will get to know about your business.
Plus, the more people know your business, chances are that you will make more sales and profits.
Marketing mix: Process
Process here simply means everything it takes to do business with you.
And these include, among others:
- Ability to meet deadlines
- Excellent customer service
- Ease of doing business
- Trust and honesty
- Helping customers, when they need help
- Fulfilling your promises to them
- Doing what you say you will do
Therefore, the entire process should be seamless, purpose driven and results oriented.
Physical environment refers to the presence of suitable conditions that will enable you to do your business successfully.
Basically they include, among others:
- Good access road
- Parking slot for customers, suppliers and employees
- Light and water
- Security for your investment, customers and employees
For example, some areas may be known for crimes, violence and other criminal activities.
And so such areas cannot be safe and secure for you to do business. You can easily lose your investments
For instance, suppose a customer parks his car in the front of your and somebody makes away with the vehicle.
This should be enough to make that customers to stop coming to your shop.
Most importantly, he will not give you referrals or recommend your business to his friends, family and associates.
Therefore, for you to grow your business, you should pay proper attention to the above marketing mix.
In conclusion, therefore, do remember that all the above components of marketing mix compliment each other.
All of them are important. None should be ignored.