The success of every business depends on the implementation of right kind of marketing techniques to position its product(s) or service in the market. In order to achieve that, the marketing team of every business has to understand the behavioral psychology of their consumers including various nuances and preferences. In short, marketing guys should be able to promote a product in the most unique manner at the right time and place after knowing people’s requirement and their affordability. These are the basic marketing-mix theories even the most efficient marketing guru will follow to build a brand in the market.
However, the right marketing mix can be produced only if your business/product(s) have certain attributes to be promoted. Most importantly, your products should have the features and quality that are hard to find in the market currently. You need to understand the pulse of the market in order to identify that. If your product can promise these aspects to the consumers, there is a great chance that your product will sail across smoothly.
One more crucial characteristic of any product promotion is its price in the market. Consumers should be able to compare it with its quality and uniqueness. In other words pricing is not what you decide after considering your cost and reserving profit margin—it is how consumers perceive it in terms of its actual worth for which they are spending.
The next important aspect that comes in the marketing mix is the way products are made available to the consumers in the market. This includes transportation, storage—in short the entire channel of distribution.
The final and the most essential facet is the promotion of your product(s). Promotion is a way of connecting your product(s) or service to your consumers in a way that is impressive, transparent and with a prospect of adding value to overall market offerings. Effective product promotion will also include quantity and cost of making those available to the consumers. Your promotion should also highlight what your peers are missing as a part of your product feature. In fact effective promotion creates new needs for the market and gives your consumers a valid reason to spend.
Any business, irrespective of size and geography of operations, if includes these basic rules in their marketing mix, can see their revenue and business growing multi-fold and successfully.