Marketing Mix Strategies for Pricing

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When thinking about your pricing strategy, be sure to look at the numbers your competitors are running and act on your goals.

There are three main pricing strategies and these are:

Market penetration.
Market.
Neutrals.
Here are some of the important questions gambling email list you should ask yourself when you are pricing your product:

How much does it cost you to produce the product and get it into the hands of buyers?
What is the value perceived by customers?
Do you think that slightly lowering prices could increase your market share?
Can the current price of the product keep up with your competitors?
3. Square or Place
Distribution or place is a fundamental part of the marketing mix, since it involves placing the product in a place accessible to potential buyers.

This requires knowing your target market. How and where do they buy? Which distribution channels are most efficient for your product?

Place or Location Marketing Mix Strategies
Among the distribution strategies, we mention:

Intensive distribution.
Exclusive distribution.
Selective distribution.
Franchise.
Here are some of the questions you need to answer when developing your distribution strategy:

Where do people search for your service or product?
What type of stores do potential customers go to? Do they shop at a mall, a regular store, a supermarket, or online?
How do they access distribution channels?
How does your distribution strategy differ from that of your competitors?
Do you need a strong sales force?
Do you need an online store?
4. Promotion
Promotion is a crucial component of the marketing mix as it can increase brand awareness and sales. It comprises elements such as sales organization, public relations, and advertising.

Advertising encompasses paid communication methods such as television, radio, print and online ads .

Public relations , on the other hand, focuses on communications that are generally not paid for directly, although they do involve an investment, such as press releases, content marketing , exhibitions, sponsorships, seminars, conferences and events.

Word of mouth is also a part of product promotion. It is the informal way in which satisfied customers and people in general talk about the benefits of your product. It is usually the result of an appropriate marketing mix.

Promotion Marketing Mix Strategies
To create an effective product promotion strategy, you must answer the following questions:

How can you send your brand messages to your potential buyers?
When is the best time to promote your product?
Through which media will you reach your potential audience?
Can social media help you promote your product?
What is your competitors' promotion strategy?
Your promotional strategy will also depend on your budget, the message you want to communicate and your target audience.

Factors that intervene in the Marketing Mix
Not all products are the same, and each has specificities that must be considered when formulating a marketing mix strategy. For example, if it has special storage needs or requires intermediaries.

Factors such as warranty offered and customer service also come into play in the marketing mix . Both of these points can define your positioning.

Additionally, your marketing planning must take into account that certain variables need more time than others to offer results.

For example, a change in prices may have a short-term impact, but a growth in prestige may take a few months.