What is marketing mix?
The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your Core Strategy.
How is integrated marketing communication used?
Integrated Marketing Communication can be used by combining different tools of promotion to attract the customers and providing information clearly. It is structured in a way by keeping in mind the company's objectives, company's culture, the targeted audience and the tools that are to be used.
Defining The Marketing Mix
Components of The Marketing Mix
- Product
1. The Tesla Model S, a premium electric car 2. A Stay at a Holiday Inn Express, a low-price national hotel chain 3. Doritos Nachos Cheese, a snack food 4. Simple, an online banking service - Promotion
1. An advertisement in Cooking Light magazine 2. A customer's review of the product on Tumblr 3. A newspaper article in the local paper quoting a company employee as an expert 4. A test message sent to a list of customers or prospects
Creating and Aligning The Marketing Strategy
- Centering on the Target Customer
1. Identify the business need you will address, which will be driven by the corporate strategies and objectives; 2. Segment your total market, breaking down the market and identifying the subgroup you will target; 3. Profile your target customer, so that you understand how to provide unique val… - Aligning Corporate and Marketing Strategies
1. Imagine completing a market segmentation process. You find a target market that will find unique value in your offering. The decision to pursue that target market will depend on whether that segment is large enough to support the corporate objectives for market growth. 2. How ma…
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