By Vwede OVERAH
Our contemporary society appears to have compelled many people to begin thinking outside the box, as a lot are thinking of one form of business or the other. While some wants additional sources of income, others plan starting or have just started their own businesses.
Sometimes, it could be difficult to achieve success in marketing without talking
about the Key Variables of Marketing. This is because entrepreneurs and companies will not be in business if they don’t have something for people to buy; if they do not find people to buy; if they don’t encourage people to buy and if they do not provide value for their products and services.
All these objectives (also called the Marketing Mix) form the nucleus of strategic marketing. The marketing Mix is a combination of factors that can be controlled by an entrepreneur or a company to influence consumers to purchase its products or services.
The key variables that make up the marketing Mix are commonly referred to as the Four P’s of Marketing:
Product:
The product refers to the service or tangible good that satisfies the target customer’s wants. First and foremost, it is important that a real target market is identified, quantified and justified.
Place:
The place refers to location, when and where products will be made available for targeted customers to buy it.
Price:
Price consists of the policies regarding competitive upgrades, discounts, list price, reseller pricing, distributor and street price (the actual selling price).
Promotions:
Promotion includes Online Marketing, Alliances, Advertising, PR, Event Marketing, Direct Marketing, Personal Selling and Channel Marketing.
A combination of some or all these variables, if properly managed and well executed, could blend to create a mix that satisfies the needs of the target market, thereby augmenting profitability and productivity.
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