Owning a business is no small task. It requires long hours and dedication, as well as passion and persistence. Part of the job description as a business owner is planning…then adjusting your plan according to ever-changing business climates. Building a business plan can be both overwhelming and humbling. Not only is it necessary to devise a plan for general business structure and product development but also to market the business and product offering. Marketing strategy hinges almost entirely on the preferred marketing mix of the business. Now, what do I mean by marketing mix – let me explain.
The marketing mix is the set of tools and resources used to establish a businesses positioning and product offering. Much of the time the marketing mix is aligned with the Four P’s of marketing (product, price, place, promotion). The Four P’s can be applied to any business no matter if the product is tangible or service based. You’ll recognize that candy companies typically tend to place their product at the point of purchase as an example but service based tax companies, like a CPA firm, focus more of their marketing efforts on traditional media outlets (print, television, radio) to create awareness. It’s not to say that you won’t see a commercial for a Snickers while watching The Bachelor but Snickers relies mostly on impulse purchases while consumers are at the p.o.p. Think about it; $0.99 can get you a delicious, chocolatey treat for your car ride home. And to think the sale may not have been made had candy bars been confined to the candy aisle.