Marketing Mix Elements
For many business owners, providing a product or service is easy. However, the challenge is in getting people to pay for it. Efficient, effective marketing requires an understanding of several key concepts and how to best use them to reach the target market. The marketing mix is an amalgamation of elements that play a role in promoting and delivering products and services to consumers. The 4 P’s of marketing are:
Product: These are the products or services offered by an organization to their customers.
Price: How has an organization priced their product or service to make a good profit.
Place: This is where a business sells its products or services to their customers.
Promotion: Methods used to communicate the features and benefits of products or services to target customers.
Importance of Marketing Mix
The following points describe the importance of marketing mix and help business in:
- Creating a clean mix
- New product development
- Increasing product portfolio
- Improving business offerings
- Differentiate from the competitor
- Being dynamic in nature
Sports Apparel Industry Overview
Globally, the growth of sports apparel brands is being stimulated by product innovations, such as the use of advanced materials, enduring specialization in which consumers buy activity-specific sports apparel, and better form-fitting. Additionally, more and more people in the United States are in harmony with their physical well-being, while the bourgeois segment in the developing nations is signing up for gymnasium memberships; thereby, driving the growth of the sports apparel industry.
To know more about the importance of marketing mix elements for leading sports apparel brands, contact us.
The client is a leading sport apparel brand. The company was established in 1974.
The sports apparel brand’s marketing mix strategy proved to be outdated in today’s rapidly transforming marketplace. As a result, they wanted to find stability with the use of essential marketing mix elements and devise an effective strategy that meets the requirements of the customer while maximizing business value.
With the help of Quantzig’s marketing mix engagement, the sports apparel brand enhanced its brand image and popularity across economies. Additionally, the client also incorporated changes into their mix which helped them keep a track of the key marketing mix elements while heightening the need for businesses to evolve over time to maintain its competitiveness.