How to Optimize a Marketing Mix
A marketing mix incorporates all the P's of marketing: product, price, place and promotion. Within the marketing industry the goal is to optimize the mix with the largest goal being the positioning of a product or marketplace. To optimize you'll need to create an ideal mix of all the variables.
- Consider creating a product or service that will be able to easily compete with like brands on the market. You can optimize the mix by brand name, function, style and colors, packaging, safety, quality, accessories, support the warranty offered.
- Determine pricing for your product or service. Focus on the profit margin and competition's pricing. You can optimize the mix by determining the suggested price, volume discounts, wholesale pricing, seasonal pricing, price flexibility and any other discounts you may be able to incorporate.
- Get the product or service out to potential customers by focusing on decision regarding price. To optimize the mix, look at distribution channels and centers, market coverage, inventory management, warehousing, order processing, transportation, logistics and levels of service.
- Promote your product or service so potential customers know of your existence. Determine the type of marketing communications you plan to use such as promotional strategy, advertising, personal selling, sales promotions, public relations and promotion budget. You can use a combination of strategies to optimize the marketing mix.
- Once each of these strategies has been put into place, you can test your marketing mix. Ensure that your product or service is able to meet the needs of consumers and that the product is found where they shop.