How to get Business Ideas | Marketing Mix
By Fairy Dharawat.
Stumbling on a great idea is not going to happen to you while you are waiting for it. These brilliant ideas often visit us when we are leisurely strolling in a garden or singing in our bathroom. So when we decide we want to start business, why we are deserted by our brilliant minds that shy away from giving even a tiny bit of hope of getting that awesome idea for our venture? What needs to be ensured when we go ahead with our dream project? Well nothing can be ensured while one goes on the road to build a business. So while you wait for that brilliant idea to arrive, read on for some of marketing mix points to inspire your ideas.
What is marketing mix?
Wikipedia defines the term ‘marketing mix’ as ‘a business tool for marketing products’. This term is simple enough. But it is not so simple when you try to figure out how to use this tool effectively.
Marketing mix is associated with the 4 Ps and this is where all the tools required to do marketing takes place. The four Ps stand for product, price, place and promotion.
Why do I need to know about this term?
This is the basic model of business and you probably know about this. These 4 Ps can be changed in to 7 Ps. But today, we will basically try to understand how marketing mix can help in your business with.
The four Ps are;
This is basically a product or service created for the consumer. Now when you decide before starting business, ensure which item you are selling. Is it tangible or is it non tangible? The product you are planning to create should not only satisfy your target audience, but also turn them in to loyal customers. For understanding the same, you also need to know more about the product mix.
Price is what determines the survival of the product. In the words of Wikipedia, “The marketer should set a price that complements the other elements of the marketing mix.” Price is a very important element which needs to be taken care of very carefully. Price has to be valued by customers. Charge higher and you shoo away customers, price lower and customers think there is something wrong with your product. A fine balance of value, profitability and competition needs to be considered. Other than that, there are always different strategies to penetrate the market with price skimming, but in the end there should be profitability involved which means even if the strategic plan is long term, it will be fruitful in near future. Emphasis on value makes the customer not only obliged to pay up for the product, but also it makes them convert in to loyal customers in many cases.
So when you have decided on the product and price, there comes the part of promotion. A very exciting part I believe. Your type of promotion gives an identity to the way you want your product to be viewed. So if your product is about candles, you will not promote them in magazines featuring economic articles. You will promote your product of birthday character candles may be in party circles women’s magazine and even birthday parties or family section of news paper in comic section. Promotion is where your target audience notices your product; hence one will need to be very careful while running a promotion. A business idea about the product with a business plan is a very handy tool.
Wikipedia again nails it with this one, “Place is synonymous with distribution.” What is the strategic location for your product? If you are planning to have a party candle as your product, where are you going to place it? Not in comics store, not in an apparel store and not in flower store. You will possibly sell your candles in a party store or a grocery store, bakery and or ice cream store. As all these places are usually situated in the heart of the most favourable crowd to buy, these are the best places to stock your stuff. In case you want to open a specific store only for candles, then the place will change. The basic important fact one has to remember is how close the distribution channel is. Are prospective customers close by? Will they buy from you and why. A candle store will be complimented if situated near cake shops and party shops.
This brings to an end of our story. So before you embark on a journey to open up a business, there are many questions which need to be answered. It is not only about the brilliant idea of a business, but it also needs to be a brilliant plan of action. Getting an idea is just the beginning, what follows is hard work which includes research; lots of research. Preparation before starting a business will save lots of time and money and will ensure a greater chance of success in business. Marketing is an important part of any business and so an understanding of it will be important and so will a plan of action that will ensure good marketing of your products or services.
There are more blogs on the home page of a zillion ideas.