Based on your business goals, you have defined the strategy for your business. Now you should determine a marketing mix … the concrete measure. The starting point for the marketing mix, is made up of the 4Ps marketing tools: product policy, pricing policy, place (distribution) and promotion (communication policy).
When it comes to determine a marketing mix, don’t forget about the increasingly important Online Marketing.
Determine a marketing mix: Using marketing tools correctly
After the Market you have the Goals and thus have answered the question WHERE you want to go with your company. With the corporate strategy, you then determine HOW you want to achieve your goals. It is now a matter of determining the concrete measures – in doing so, you have to decide WHICH instruments you want to use to achieve the target. You do this when you determine a Marketing Mix in the business plan.
The mix does it: The 4P’s of the marketing mix
Derived from the corporate strategy, you now have to work out concrete measures. You do this with the help of the marketing mix, which consists of the 4Ps. The famous 4Ps, which have established themselves in marketing, stand for the following Marketing tools. The respective basic idea of the 4Ps in the marketing mix is relatively simple:
- Product Policy: find the right offer for your target group.
- Price (price policy): offer this on reasonable terms
- Place (distribution policy): distribute it through the right distribution channels
- Promotion (communication policy): make sure your target group knows that your offer exists and delivers added value
In principle, other P’s are also possible in the marketing mix (P for People, Public, Politics, Process, etc.), but the first four mentioned – depending on the business model – are usually the most important.
The optimal marketing mix
Working to determine a marketing mix is about defining the measures and characteristics of the individual P’s in such a way that they are coordinated with each other. The question therefore arises as to how you can determine the optimal marketing mix.
In order to be able to write the capital marketing mix in the business plan, you should work your way through the 4 P’s step by step.
The marketing mix is also important for brand building. Find out how your brand is going to succeed.
The product policy in the marketing mix
The basis for the marketing mix and therefore probably the most important “P” stands for your product. Without a convincing product that delivers concrete customer benefits and multi-propelled products, it will be extremely difficult to succeed in the long term.
Set pricing policy in the marketing mix
The prize is an important tool in the marketing mix. In addition to the price itself, it is a question of setting discounts, financing options and payment and delivery conditions. Of course, it is also important that you set the best possible price-performance ratio.
Distribution policy: which distribution channels should it be?
Under Distribution Policy, you define in the marketing mix where you want to offer your product and which distribution channels you want to use. You can only sell your product if it reaches the customer. In principle, a distinction is made between direct and indirect distribution.
Communication policy: promote your offer
If the customer does not know that your product exists, he will not buy it! next to classic advertising with its numerous advertising materials, the topic of communication policy in the marketing mix is also about sales-promoting measures.
When preparing for the marketing mix, make sure that you work through the 4P’s one after the other as a first step. In a second step, you should then critically check your marketing mix to see if the individual P’s are coordinated with each other.
Online marketing in the marketing mix
In addition to the offline activities in the marketing mix, you should also consider possible online marketing measures as a start-up. The same 4P’s of the marketing mix apply as in offline marketing, but in particular the Online advertising and online distribution should be relevant to your online activities in the marketing mix.
Attention: An optimal marketing mix is a mixture of offline and online activities, each of which is coordinated with each other. Once you have set your marketing mix, you can continue with the marketing budget.
Tv advertising, social media marketing, internet advertising, promotional articles, direct marketing – more information on the very practical page in the marketing mix can be found under Marketing concept.
The marketing mix is followed by the marketing budget
In the marketing mix, you have determined the marketing tools and the corresponding marketing measures. Now it is necessary to quantify the marketing expenditure and then set a marketing budget. The marketing budget will then be included in the financial plan later.
In addition to spending, try to compare the advertising efficiency of the individual measures of your marketing mix.
The goal is …
… that you present a coherent marketing mix in your business plan. The 4P’s in the online and offline marketing mix must be coordinated with each other.
Once you have defined the measures in the marketing mix, you can create the marketing budget that you can integrate into your business plan and later in the financial plan. Make sure that you also check the advertising efficiency of each measure of your marketing mix.
Once you have defined the marketing mix and worked out the budget, you can select the next chapter of the business plan, the organisation of the company, get started!