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Nearly every business on the planet sets out with the main objective of earning money. This is usually done by producing some form of product, or offering a service, and then charging people money for it.

Firstly, it is a very rare case where a company can offer a product or service that is truly unique and cannot be provided by anyone else. This means that your enterprise will be contesting with other businesses that sell a similar product and you will both be trying to make money from the same shoppers, who only want to spend their cash once. So how can you increase the chances of them spending money with you?

Marketing is the main tool used by modern businesses to draw prospective customers to do business with them and not with their rivals. It is a very extensive topic that is affected by a great deal of internal and external factors, but when done well it can be the one business practice that could make or break a company. Any time spent on marketing will reap rewards, although spending this time efficiently can yield extraordinary results.

So where should you start when creating a marketing strategy for your own company? Well, every situation is different, and each business will have its own set of strengths and weaknesses that must be taken into consideration, but there is a marketing rule that can be applied to almost any corporation to be used as a marketing framework. It is called the “Marketing Mix”.

The Marketing Mix

The marketing mix was a term that was first coined in the 1950’s and is a phrase that is used to express the fundamental building blocks of any marketing system. It demonstrates the fact that marketing is not a straightforward, blunt-edged business technique, but rather a delicate balance of different elements of business operations. It got its name because it is similar to the ingredients checklist for a recipe.

The term was later developed to include the idea of “four P’s” that described the critical elements of the marketing mix. The formalisation of these P’s made it very clear for company managers and marketers to swiftly relate the elements of marketing to the strengths of their own organisations, and by doing so could very quickly create a tailored and efficient marketing system.

This marketing model is not restricted to tangible products, services such as conference production can profit from fresh marketing ideas or a new perspective.

Product

Although every element of the marketing mix is a necessity, the “product” element mentioned as one of the four P’s is possibly the most crucial of all. It describes the physical product or intangible service that your business will be selling, and at the end of the day it is the reason that buyers are going to spend money with you. If this part is not adequately managed then your company will find it hard to survive.

Several people do not think that marketing has any role to play when it comes to the physical product that your business is selling. In fact, the typical train of thought very often bears the exact opposite sentiment. Surely it should be the other way around - your production department creates an item for sale and then it is the job of the marketing department to discover ways to sell it, right? This is not necessarily the case.

Consider the computer software market as an example. There are many well-known brands of both operating system as well as software application products on the market already, and because the market is fairly well saturated it would be incredibly tough (and expensive) to “take on the big boys”.

Rather than developing an operating system and then attempting to craft a marketing strategy to rival the likes of Microsoft or Apple, it would be more effective to look at what sorts of product are sought after in the current marketplace, and how feasible it would be to manufacture and sell them. By being aware of the marketing mix early on in your product development cycle you can prevent business dead-ends at a later stage.

Once your goods have been fashioned and created it is still a critical skill to be able to objectively evaluate your own products to recognise the reasons that a customer would buy your product rather than a competitors’.

A different form of this part of the marketing mix is known as product variation and is typically used to either lengthen the lifecycle of a product already in the market, or to make your new product attractive to as many consumers as possible. Once again, this technique can be applied at all stages of product development.

The motor industry uses this approach very effectively by offering various engines, trim packages and interior options with the cars that they offer. They use the marketing mix to great effect to sell their own products in an incredibly competitive marketplace. Although these companies may have substantial marketing budgets, the same principles can be applied to all businesses.

As part of our own promotion plan, our business very carefully studied what exactly made our products stand out from the crowd.

To maintain a standard corporate image a company ought to redesign their website to reflect colourings, text and graphics associated with their branding.Our conference production company website is being redesigned at the moment.

Price

Another key factor in the marketing mix relates to the price of your products or services. This is not a simple case of carrying out market research to figure out the top price that your customers would spend (although that can be a handy tool to use), but rather using the price of your products as a strategic tool designed to achieve any particular objectives your company has.

Although it may seem obvious, it’s still worth noting that price has always been, and likely always will be, one of the key factors that shoppers take into account when they are making a purchase. It is also worth noting that customers don’t always consider the lowest price to be the best price.

There are many questions that you need to ask yourself when devising a good pricing plan, key among which are the price sensitivity of your clients, what your rivals are doing and how can pricing boost your own profits. From a strategy point of view however, pricing can be covered by two main principals; price skimming and penetration pricing.

Price skimming

The main idea behind price skimming is to make as much cash as possible from the segment of the market which is price-insensitive and will be prepared to spend a large amount of money to receive a product or service early on. Not only can this approach yield great economic advantages, but it can also advertise an exclusive and high quality image of your item.

This pricing strategy is frequently used in the consumer electronics market where customers will often eagerly await the launch of a new mobile phone or computer games console. Makers could set almost any price they wanted to and there would still be a loyal base of customers that would pay it.

Penetration pricing

Penetration pricing is at the other end of the pricing spectrum, and is tailored towards gaining a large market share at a short-term cost so that monetary benefits can be earned long into the future. It can be a risky strategy, but when used correctly it can setup revenue streams for many years to come.

Another thing to keep in mind is that “price” is the only part of the marketing mix that will generate revenue for a business. The other members of the four P’s will all cost money to produce or undertake.

With the rise of the Internet and e-commerce companies see that their sites, for instance round lace tablecloths may be utilised for a direct sales channel and distribution system.

Place

Place is the part of the marketing mix that is often not addressed by companies, but it is still an important part of selling your product successfully. In short, it describes the method in which you deliver your product to your customer, and subsequently how you collect money from them. It can be a fantastic marketing approach when used appropriately.

The most common ramifications of place-based marketing are the physical venues in which your products are sold. For the majority of consumer products, this involves the distribution infrastructure between your production centres and shops and other outlets around the world. Since distribution of a physical product costs money it is important to determine your own priorities and adapt your distribution network accordingly.

With the increasing use of the Internet by your prospective customers, marketing strategies have had to take into account how they use the Internet to help deliver their products. By using the Internet as a point of contact (or even as a whole distribution channel in download-based markets such as MP3s) firms are now able to reach out to a huge pool of possible customers. Effective placing of your product or service can therefore deliver impressive economic results.

Promotion

When you say the word “marketing”, many people instantly think of the promotional side of the marketing mix, although as we have seen, this is merely one branch of a more complete system. Promotion can be used on a very individual basis or as a mass communication tool, and whilst it might be a costly undertaking it is often an important one.

Advertising is one of the most common forms of promotion. Typically it would be done by posting on billboards, producing short clips for TV and radio or by physically handing out flyers or leaflets to potential buyers. With the arrival of the information age we have seen a great increase in promotion via e-mail and the Internet, or just as targeted advertising material posted through your door.

Another important part of promotion involves branding, which may not necessarily yield more sales directly, but relates back to one of the initial functions of marketing; getting customers to choose your product over those of your rivals. When all other pieces of the marketing mix are equal it can be branding that sways a customer’s choice.

Putting it into Practice

As previously mentioned every business is different and will have different marketing needs. By using a balance of the four P’s discussed above you can take an effective view of your own marketing strategy.

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Practically every business on the planet sets out with the main objective of making money. This is generally done by manufacturing some form of product, or offering a service, and then charging customers money for it. This fundamental principle is fairly straight-forward, although it contains many intricate details.

First of all, it is a very rare case where a company can offer a product or service that is truly unique and cannot be provided by anyone else. This means that your business will be competing with other businesses that sell a similar product and you will both be trying to earn money from the same shoppers, who only want to spend their cash once. So how can you improve the chances of them spending money with you?

Marketing is the primary tool used by modern organisations to draw potential customers to do business with them and not with their competitors. It is a very broad topic that is influenced by a great deal of internal and external factors, but when done right it can be the one business practice that could make or break a corporation.

So where should you begin when constructing a marketing strategy for your own business? Well, every situation is different, and every company will have its own set of advantages and weak points that must be taken into consideration, but there is a marketing rule that can be applied to almost any corporation to be used as a marketing platform.

The Marketing Mix

The marketing mix was a term that was first coined in the 1950’s and is an expression that is used to express the fundamental building blocks of any marketing strategy. It demonstrates the fact that marketing is not a straightforward, blunt-edged business technique, but rather a delicate balance of different aspects of business operations.

The term was later built upon to include the concept of “four P’s” that described the critical elements of the marketing mix. The formalisation of these P’s made it very clear for company managers and marketers to quickly associate the elements of marketing to the strengths of their own organisations, and by doing so could very rapidly form a personalised and efficient marketing system. The four P’s are Product, Price, Place and Promotion.

Our business already sells a prosperous variety of wheelchair hoist products but we have used new marketing suggestions to improve our revenue numbers.

Product

Whilst every aspect of the marketing mix is a necessity, the “product” element mentioned as one of the four P’s is possibly the most critical of all. It identifies the physical product or intangible service that your company will be selling, and at the end of the day it is the reason that buyers are going to spend money with you.

Several people don’t think that marketing has any place to play when it comes to the physical product that your company is selling. In fact, the typical train of thought very often bears the precise opposite sentiment. Surely it should be the other way around - your production department creates an item for sale and then it is the task of the marketing department to find ways to sell it, right?

Consider the computer software market as an example. There are many well-known brands of both operating system as well as software application solutions on the market already, and because the market is fairly well saturated it would be very tough (and expensive) to “take on the big boys”. So how could the principles of the marketing mix assist in this circumstance?

Rather than developing an operating system and then attempting to craft a marketing strategy to rival the likes of Microsoft or Apple, it would be far more effective to look at what sorts of product are desired in the current marketplace, and how viable it would be to manufacture and sell them.

Once your goods have been fashioned and created it is still a vital skill to be able to objectively evaluate your own products to recognise the reasons that a customer should buy your product rather than a competitors’.

Another form of this part of the marketing mix is called product variation and is typically used to either prolong the lifecycle of a product already in the market, or to make your brand new product attractive to as many customers as possible.

The motor industry uses this technique very effectively by offering various engines, trim packages and interior options with the cars that they offer. They use the marketing mix to good effect to sell their own goods in an incredibly competitive marketplace.

“Product is paramount” is one of the main slogans used in how to make chocolate organisation which tries to point out to all staff that we expect top quality manufacturing.

Price

Another key factor in the marketing mix relates to the price of your products or services. This isn’t a simple case of performing market research to figure out the highest price that your customers would spend (although that can be a useful tool to use), but rather making use of the price of your products as a strategic weapon designed to achieve any particular objectives your company has. The potential benefits of an effective pricing strategy are surprisingly large!

Although it may seem obvious, it is still worth noting that price has always been, and probably always will be, one of the key factors that customers take into account when they are making a purchase. It is also worth noting that customers don’t constantly consider the lowest price to be the best value.

There are many questions that you need to ask yourself when devising a good pricing strategy, key amongst which are the price sensitivity of your clients, what your competitors are doing and how can pricing boost your own profits. From a strategy point of view however, pricing can be covered by two primary principals; price skimming and also penetration pricing.

Price skimming

The principal idea behind price skimming is to make as much cash as possible from the sector of the market which is price-insensitive and will be willing to spend a large amount of money to receive a product or service early on.

This pricing strategy is frequently used in the consumer electronics market where customers will often eagerly await the launch of a new mobile phone or computer games console. Makers could set nearly any price they wanted to and there would still be a loyal base of customers that would pay it.

Penetration pricing

Penetration pricing is at the other end of the pricing spectrum, and is geared towards gaining a large market share at a short-term cost so that financial rewards can be earned long into the future. It can be a risky strategy, but when employed correctly it can create revenue streams for many years to come.

Yet another thing to keep in mind is that “price” is the only part of the marketing mix that will generate earnings for a business. The other members of the four P’s will all cost money to create or undertake.

To optimize our website for google search marketing we chose buy childrens bean bags for an aimed phrase because it relates to our business and what we offer.

Place

Place is the component of the marketing mix that’s often not addressed by companies, but it is still an important part of selling your product successfully. In a nutshell, it describes the way in which you provide your product to your consumer, and consequently how you collect money from them. It can be a fantastic marketing approach when applied correctly.

The most common implications of place-based marketing are the physical venues in which your products are sold. For the vast majority of consumer products, this includes the distribution infrastructure between your manufacturing plants and retailers or other outlets around the country. Since distribution of a physical product costs money it is crucial to identify your own priorities and adjust your distribution network appropriately. This is the principal use of this part of the marketing mix.

With the increasing use of the Internet by your potential customers, marketing techniques have had to take into account how they use the Internet to help distribute their products. By using the Internet as a point of contact (or even as a complete distribution channel in download-based markets such as MP3s) companies are now able to reach out to a huge pool of potential customers. Effective positioning of your product or service can therefore deliver impressive economic results.

Promotion

When you say the word “marketing”, many people instantly think of the promotional side of the marketing mix, although as we have seen, this is only one branch of a more comprehensive system. Promotion can be employed on a very individual basis or as a mass communication instrument, and whilst it may be a costly undertaking it is often an important one.

Advertising is one of the most common forms of promotion. Typically it would be done by posting on billboards, creating short clips for TV and radio or by physically handing out flyers or leaflets to potential customers. With the arrival of the information age we have witnessed a great increase in promotion via e-mail and the Internet, or just as targeted advertising materials posted through your door.

Another significant part of promotion involves branding, which may not necessarily yield more sales directly, but relates back to one of the preliminary purposes of marketing; getting customers to pick your product over those of your competitors.

Putting it into Practice

As previously mentioned each business is unique and will have different marketing requirements. By using a balance of the four P’s reviewed above you can take a good view of your own marketing plan.

Hawaiian Vacations are generally great fun and suitable for all the family. Nobody will be bored, and when deciding where to go for your next vacation, Hawaii should be high on your list. Anybody that goes on vacation to Hawaii always comes back with a smile and promising themselves another trip there. There are many reasons for visiting Hawaii: a holiday during a school break, a wedding for which Hawaii is famed, or just to get away from it all for a while. Whatever your reason, there is so much to do there that it is often difficult to know what to pack, particularly if this is your first trip to the archipelago. Here are a few tips.

Clothes: Don’t overdo the shorts, T-shirts and sun-tops. It can sometimes be cool or wet in Hawaii, so take some pants and a few shirts to cover your arms. A warm coat would be wise - you might be glad of it depending on the time of year, and take some socks. You will definitely need beachwear and towels, but decide in advance what sports equipment you will need that you can’t hire - and don’t forget the sunscreen!

Activities: Even though you will be busy seeing the sights and attractions in Hawaii, you should also pack some activities that you can do in case you have to stay inside. If you should have a rainy day, you might decide to stay in bed and just read a book. For the kids taking games and books along is important in case you take a long drive somewhere or you want to just relax.

Camera: this is a must! You don’t go all the way to Hawaii without a camera. The islands have a lot of natural beauty to offer, and a video camera will also be useful to record all these volcanoes, fabulous waterfalls and of course the family. You can’t forget them! Make sure to have some extra batteries or a charger, and an empty memory card for your camera. Unless yours needs a film spool or video cassette!

Travelers Checks: Instead of taking a lot of spending money with you, it’s always safer to use travelers checks. You should organize this prior to leaving for your vacation. This also allows you be sure you won’t spend too much by just taking the amount that you budget for your trip.

Fishing: Hawaii consists of 19 islands and atolls, every one of them teaming with fish and other marine life. If there is one thing it can offer you it is plenty fishing (big fish and small fish) and plenty reef diving. You can hire fishing and diving equipment there, but most people prefer their own, so make sure that you pack your rods and other equipment, and any diving equipment you will need such as your scuba gear and wet suit, or masks and snorkels.

There will obviously be other things that people will need during their Hawaii vacations, and most people will make a list so that they are less liable to forget important items when packing. Insect repellant and a small first aid kit for example, and don’t forget your tickets and brochures, or your passport if you need one. Otherwise, just relax, enjoy the trip there and have a fabulous time in Hawaii. And don’t forget the toothbrush!

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