What is the importance of the marketing mix?
All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.
The product has to have the right features - for example, it must look good and work well.
The price must be right. Consumer will need to buy in large numbers to produce a healthy profit.
The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation.
The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.
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