The study of marketing is sometimes called the science of selling. In practice, good marketing should grow your business through a combination of four steps known as the marketing mix. The proper balance of each element in the marketing mix should lead companies to greater profits and more consumer recognition. Unfortunately, marketers have been forced to think outside the mix in a world bursting with advertising clutter and brand intrusion, bringing about unlimited marketing.
The marketing mix contains the “4 P’s,” product, price, place, and promotion. Product means that marketers should recognize what products consumers are missing in their lives, understand how current products are being used, develop alternative uses for current products and develop new product ideas as necessary. Price is the most self-explanatory of the marketing mix, and says that marketers determine a competitive price for their product. After determining a price, the marketer must determine where and how he/she would like to place this product in front of consumers. This step is crucially important, as even cereal companies compete with one another for the best spot on the shelves. Finally, marketers must determine the ways (and budget) for promoting the item they spent time developing.
In a perfect world, the marketing mix works every time, and products are displayed in front of interested and engaged consumers who readily purchase your new products. Unfortunately, marketers now face the challenge of breaking through the clutter developed by themselves and other marketers, each of whom are dying to get a minute of a tired consumer’s attention.
Today, marketers turn to unlimited marketing to engage consumers and get them to interact with their product. Marketing today must be creative, honest and consistent across mediums. Consumers need to experience a bond with a brand, as if they would invite them to dinner. Marketers are still struggling to find the perfect balance between the marketing mix and the newer integrated marketing techniques, but those who understand it are successfully growing their businesses.
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