Marketing Mix Analysis
To bring a new service or product to market successfully, a marketer must be able to outline his or her marketing mix. Through extensive marketing mix analysis, a marketer defines the ins and outs of the marketing strategy, the product or service being offered, and the target audience.
The Ps and Cs of Marketing Mix Analysis
This analysis is crucial to the success of the launch and to achieving accurate results. Learning the Ps and Cs of marketing mix analysis has helped many marketing professionals stay focused on what’s important for a successful marketing strategy.
The 4 Ps of the Marketing Mix Analysis
The original analysis of marketing required accountability to four Ps. They are:
- Product – A definitive description of the product or service
- Place – The markets where this product or service will be available
- Price – A price that creates value and promotes retention
- Promotion – The communication tools used to show consumers the benefits
Defining the boundaries and analytics of each of the 4 Ps sets a marketer up for success.
The 7 Ps of the Marketing Mix Analysis
With the arrival of many businesses that provide a service instead of a tangible product, expert marketers have recently added three more Ps. In addition to the above 4 Ps, the three recent additions are:
- People – Choosing staff to fit your technological, networking and sales needs
- Processes – Defining how to deliver a service to consumers
- Physical Evidence – The end result of a company’s work for a consumer, which can be either a product or service
These three added factors push businesses to focus on providing the best service they can for consumers. Selligent helps marketing professionals use the seven Ps to find a well-balanced marketing mix analysis that targets the right audience with the right product while delivering satisfactory results.
The 4 Cs of the Marketing Mix Analysis
As an expert in marketing mix analysis, Selligent focuses on the 4 Cs to develop 1-to-1 relationship marketing and personalization through an omnichannel engagement platform. This provides an uncompromising consumer experience that leads to results. The 4 Cs include:
- Content – Orchestrating content through all channels to communicate relevant information abouut services or products
- Context – Understanding consumers’ situations (states, needs, sentiment, events, etc.) and using consumer data based on buying behavior to provide real-time information to consumers
- Cross-channel – Using multiple channels of communication and finding the best mix
- Conversion –Utilizing the correct channels to convert an online visitor into a loyal customer
The four Cs ensure consistent messaging and consumer engagement. With consumer segmentation and analysis, Selligent helps companies hit all the Cs of marketing mix analysis with a single platform.
To organize all the Ps and Cs, experienced marketers rely on a multi-channel platform that analyzes results. Selligent offers a sophisticated interface to assist throughout the lifecycle journey with an emphasis on personalized marketing. Successful marketing professionals across many brands know to contact Selligent to develop a well-balanced mixed marketing analysis.