There are many ways to market your products and services to attract target customers. The marketing mix or marketing plan is the most widely used technique. By definition, it is the set of techniques developed mainly in 4 distinct areas: product, price, place, and promotion. These elements are interdependent, so the actions and decisions taken for each of them must be consistent with the others. If you decide to get into this business, we will explain how to do it.
The Product
To begin with, it is essential to identify the type of product or service you want to offer in an attractive way. The product policy is used to study its respective characteristics and specificities. This includes the services attached to your offer, the design, the choice of packaging, the brand’s design, the level of range, etc.
The Price
Next, you need to adopt a pricing policy to take advantage of it. It is used to set the price of your product, which may change over time depending on the competition and current trends. Moreover, it is subject to internal and external constraints such as cost price, product quality, distribution costs, price elasticity, consumer behavior, competitors, etc. For example, you can do a promotional price at the very beginning to find out how much customers are interested in your product so that you can reexamine these constraints if necessary.
Place
The distribution policy takes into account the choice of the technique and the distribution channels to use. There are 4 forms of distribution. First of all, there is the exclusive distribution which allows you to benefit from territorial exclusivity. Framed by the law, this distribution method is intended for high-end products to guarantee their image.
Then, there is the selective distribution which selects the points of sale according to the brand of the product. The selection criteria must be elaborated objectively according to the specifications following the European standard. This distribution method is also regulated by law so that franchisors can sell their products.
There is also the intensive distribution which consists in distributing a product in all the points of sale such as grocery stores, gas stations, vending machines, bakeries, etc. This requires the organization of locations and regular cleaning to better manage all the products offered for sale. For example, if you are planning to open a grocery store, ice drinks should be placed in a professional glass fridge for better visibility and accessibility.
Finally, the distribution franchise is intended for independent people who have been granted rights to use their brand and apply marketing strategies. In return, they should pay commissions based on a defined percentage of their turnover.
Promotion
The communication policy must be well developed and well-chosen to promote your products. There are several ways to promote them: media advertising, direct marketing, promotional sales, social networks, and online sales platforms, etc. In any case, you need to adapt the appropriate means of communication with the type of product or service in question. This will help you target potential customers according to their gender, age, and status.
