Marketing Strategy Plan: Key Parts Of A Successful Marketing-Mix Model

Marketing basically means putting the right product or service at the right price, in the right place, at the right time. However, no matter how simple the marketing definition is, it takes a lot of work, the creation and implementation of a sound marketing strategy plan before you can see the fruits of your labor. First of all, you need to find out what your target market wants and identify their shopping habits. You also need to evaluate how you will be able to create a product or service at a price that will represent value and quality for them. This is where the marketing-mix comes in.

A marketing mix helps you get through your marketing strategy plans for any product or service you are thinking of and in the process, helps you stay away from common mistakes that may affect your business. However, although the 4 Ps of marketing and the marketing mix are often used interchangeably, these are two different terms. The marketing mix is a common phrase that is used to refer to the choices an organization has to make within key factors in the mix when introducing a particular service or product to market. The 4 Ps on the other hand relates to the key factors, which define the marketing mix.

What Are The 4 Ps?

•     Product/Service

The first P is refers to the Product (or service) your customers want. When you define a product, it must have something that will satisfy the needs or demand of your target market. Among the factors you need to take into consideration is the How? When? and Where? Your target customers will likely use it. Branding is also important. Just like with any marketing strategy plan, your brand will represent your company and this must not just be treated as a simple name you want to call your product or service. Your brand will be the differentiating factor against your competitors.

New Innovative Pet Product - Grass Roots Marketing Strategy

Not long ago, I was talking to a very interesting entrepreneur, a blast from the past, someone I'd had apparently met a long time ago, as in a couple of decades ago. Today, he has a new business, a new innovative pet product, one which apparently dog owners completely love. The business is working out well for him, and he was wondering how best to market it. His plan was to use the Internet, and some type of grassroots marketing to improve his word-of-mouth advertising.

His goal was to get 10,000 to 20,000 new customers, as he believed that would provide him with a good lifestyle, a decent profit margin, and help him grow his business, perhaps adding future products, and online catalog to grow the business into something big. I totally applaud this level of entrepreneurial vision, providing the product is safe, legitimate, and fair for all concerned. He assured me it was.

Okay so, how might you go about introducing a new innovative pet product using grassroots marketing strategies in a particular region, or state? Well, there are many things you can do, for instance; if you look at how Ben & Jerry's Ice Cream started out, they gave away free ice cream in all the popular locations and beaches around the country. The free samples they gave away got everyone hooked, and the customers loved it. They built their business out of nothing by traveling around in a motorhome and giving away free ice cream, not only was it fun, but it also worked.