Marketing Mix Strategy Development for a Leading Electronic Parts Supplier
Need for Developing a Marketing Mix Strategy
Developing the right marketing mix is essential for businesses to succeed in today’s competitive business scenario. This makes identifying the marketing mix elements and adopting the right steps crucial to business success. However, there are two basic steps involved in developing a marketing mix strategy:
- Identifying the overall goal of the marketing strategy
- Identifying the target audience
Marketing Mix Elements
Your marketing strategy is a combination of different marketing mix elements that play a key role in delivering and promoting your offerings. It’s something that helps you put your products and services in the right place and at the right time. Traditionally these elements are referred to as the 4P’s of marketing, they are as follows:
Price: Price is a crucial factor and the most important among the different marketing mix elements. It helps assess your pricing strategies so that your price remains competitive while allowing you to increase your profits.
Product: This includes all the product and services offered by a company, along with the details of its physical attributes, differentiating factors, and their benefits.
Promotion: This is another important factor that helps communicate the essential benefits and features of a company’s offerings to the end-users.
Place: This is where the products and services of a business are made accessible to the end-users.
The client is a leading supplier of electronic parts with several distributions hubs spread across the globe.
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