Understanding the Importance of the Key Components of Marketing Mix
Marketing in layman’s terms is defined as the process of putting the right product or service at the right time, in the right place and most importantly at the right time. Though this seems like an easy proposition, a lot of research needs to be employed to set up this simplistic definition into a real-time scenario. Even if a single component of marketing mix is off the mark, a promising product can fail completely resulting in a major loss.
The use of the right marketing mix strategy acts as an essential tool to ensure you put the right product at the right place and time. Marketing mix acts as a crucial tool that helps understand the true potential of a product or service and enables one to develop a successful plan for the product offering. A marketing mix strategy is most commonly executed through the four P’s: Price, Product, Promotion, and Place. However, these have been extensively added to and expanded through additional P’s, leading to the development of a 4C concept. But the 4P’s serve as a great start to plan a product launch or even to evaluate an existing product offering.
The client is a renowned player in the food and beverage industry in the UK, specializing in the manufacturing of dietary fiber foods. The dietary fiber foods company has always strived to set its mark in the industry by catering to the diverse needs of its vast customer base and by developing as many specific products as possible.
Project Background and Solution Offered
Over the years, the core management of the dietary fiber foods company assumed that the traditional marketing mix had its own limitations in the way it’s structured. Due to this, several important components of marketing mix were grouped under the four prominent categories, thereby belittling the true potential of such factors. However, with the rise in competitive pressures, the fiber foods manufacturer found themselves lagging in the game.
Many such factors which affected their brand identity prompted them to seek Quantzig’s help to develop a precise marketing mix strategy by analyzing the importance of key components of marketing mix. Our experts helped the dietary fiber foods company to leverage marketing mix modeling in setting the right foundation for their marketing initiatives and branding solutions so that it suits their specific goals.
The adopted marketing mix modeling approach involved the use of multiple regression techniques to help predict the optimal mix of marketing variables. This approach was based on the independent variables obtained from a number of sources relevant to the fiber foods manufacturer and how each of them would relate to an external dependent variable such as profit margins.
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Value Delivered to the Client
Quantzig’s marketing analytics experts worked parallelly with the manufacturer of the dietary fiber foods to understand their core business and marketing objectives. This paved way for the development of a new marketing mix strategy to promote their fiber foods effectively. Moreover, the use of the right marketing mix in their promotion strategies empowered them to persuade their customers to act immediately.