Episode – 29 – Marketing Mix

myCreativity29 - marketing Mix

last week’s goals
– run 5km, 10km
– update book 1
– judgement day
– exit plan 9

Researched from: https://www.business.gov.au/marketing/advertising/the-5-ps-of-marketing and https://www.dummies.com/business/marketing/the-five-ps-of-a-good-marketing-plan/

The product element refers to what you are offering as a whole – what exactly are you selling to your customers? This includes the value added features, branding and packaging as well as service and warranty terms.
Product is easyily mistaken for just the feature set. IE: I’m selling a book with writing in it. But my novel This Is My Exit Plan so so much more than just that.

The price element refers to the way you set prices for your products or services. It generally includes all the parts that make up your overall cost, including the advertised price, any discounts, sales, credit terms or other payment arrangements or price matching services you offer.

Your pricing will also depend on your business’s position in the market. For example, if you advertise your business as a budget car rental service, your pricing should reflect that choice. If you’re looking to grow your business consider if your pricing reflects your business’ positioning.

The price is also how taxing it is for your customer to obtain your product. This is why Amazon introduced 1 click purchase and why so much money and effort has gone into AI algorithms for search.

The promotion element refers to all the activities and methods you use to promote your business and products. This includes sales, public relations, direct marketing and advertising.

The place element refers to how you deliver your product or service to your customers. This might include the physical location (e.g. via a shopfront, online or a distributor), delivery methods as well as how you manage your stock levels. For example, you could choose to provide your product from a shopfront, over the internet or through a distributor.

How and where to people find your product? Online, at conventions, a shopfront? What sort of place is suitable for the customer and your product? Tesla is online sales only for example.

The people element refers to yourself, your staff and your customers. This covers customer service levels, as well as effective communication and training for your staff. You’ll need to consider both your staff and customers if you’re thinking of growing your business.

For example, if you’re thinking of expanding your business online, you’ll need to think about how your customers use the internet, if they would feel comfortable purchasing your goods online and if they would be willing to pay shipping costs for your products.

You’ll also need to consider staffing elements. For example, do your staff have the skills to manage a website? Will you need to provide further training for them?

Find out more about what is customer service, including how to provide good customer service, setting targets and measuring your customer service and attracting and keeping loyal customers.

Next Week’s goals
– run 5km, 10km
– release book 1 update
– release book 2 initial
– finish writing book 3 1st draft
– exit plan 10
– judegement day