Marketing mix is key to your marketing plan. Use this example of a marketing mix and marketing mix models (such as a permission-based email marketing sample) to understand the most important elements of the marketing mix and to develop best-fit tactics and strategies for your business.
Marketing mix is the balancing and managing of product, price, promotion and distribution or place decisions, tactics and strategies.
Planning your mix requires thorough research and development of an approach that will be strong enough to sustain competitive activity.
You need to develop your marketing plan with a clear understanding that the mix is a key element of your plan; developing a successful marketing mix is necessary to your small business growth and success.
Note: It is important to recognize that marketing is not an exact science.
It is as much art, as science.
Each business will have different needs and different targets.
This example is to provide you with an overview of how marketing mix fits into your marketing plan and how to build your own marketing mix program.
Law firm; $5 million in annual sales; business to business services company.
Law Firm Marketing Plan:
Focused on gaining new business (specifically in the small business B2B category) while retaining existing clients.
The primary goal is business-to-business sales growth of 10 percent in year one of a three year plan and an increase of 8% profitability.
Define the Service(s): a services features list
Define the Service(s): a benefits list
Place or Distribution:
Use this example of a marketing mix to build your own plan. Marketing mix models are extremely useful in building your marketing plan and actions; your business plan and actions; and strategy plan and actions.
You need to develop your plan with strong and effective tactics and strategies. Yes, it is a challenge to commit the time and resources but it is also a core activity for a successful small business strategy and business plan. Also, remember that your planning process is evolutionary (not static); you need to keep updating, adapting and changing with new and changing customers, services, competitors, suppliers and the environment you operate in (your marketplace).
Understand Competition Analysis and how to manage your competitive tactics.
Conduct an Industry Analysis to learn more about your marketplace.
Build strong Market Strategies to win more market share.
Or for more on how understanding market share will help your business compete, return from Define Market Share, Part 1 to What is Market Share? Part 2.
Find out the Importance and Definition of Marketing.
Return from Example of a Marketing Mix to Define Marketing Mix (Part 2 of two parts on overall marketing mix).
Or return to More For Small Business Home Page.
Marketing is a requirement for all businesses: without marketing strategies and tactics your business will struggle to survive.
Not all marketing activities are planned: you might be building your brand recognition through a social media campaign (that's marketing); you might be conducting market research to analyze your competitors and/or segment and target your potential market or to develop the most desirable features, advantages and benefits of your products or services (that's all marketing).
Marketing is pretty all–encompassing; and a challenge for many business owners. The additional challenge is recognizing that the different stages of your business life–cycle: start–up, mid–cycle, mature or late–in–life.
During start–up you need to develop your marketing strategies to grow sales; for example, you might want to use a market penetration pricing strategy to build sales quickly.
During mid–cycle, you need to grow your customer base (often through lead generation) and that need requires different marketing strategies, such as cold calling on prospective clients, email marketing, newsletter and blog sign ups and distribution (all to grow your list of prospects).
During the mature cycle, you need to build your marketing efforts around your brand; your competitive advantage can be in your reputation, history, and identity and on what differentiates your business from your competitors.
Marketing your products and services is not something that you do once (such as a marketing plan) and then never change or do again. You need to be continually researching and building your strategies and tactics to be ahead of the market, and ahead of your competition.
The market is constantly evolving; ever more rapidly with the impacts of globalization and technology. You need to invest resources into marketing to ensure that you build and sustain your business.
If you need support in your marketing efforts, or if you'd like a review of your marketing plan, contact us for more information on our marketing services.
If marketing is not your core strength, or if you don't have enough staff to commit to developing your marketing efforts (and acting on the plan), outsourcing your marketing strategy and implementation will allow you to concentrate on developing your business.
Start with a marketing plan that includes the necessary research, strategy development and implementation action plan. We provide you with the plan tactics, budget, schedule and key performance measurements.
Execute the plan yourself or have us at Voice Marketing Inc. manage the execution for you.
Once the plan is implemented, we report on the actions we've taken, the performance of the tactics employed, and on the results.
You'll feel confident that your business marketing is being effectively managed and continually evolving.
We specialize in providing services to small business owners and understand that marketing efforts must be customized for each business' unique needs.