This week, we will continue our 12 Ps Marketing series blogs by discussing purpose.
What is purpose in marketing mix?
Purpose is the "WHY" of your brand or company. This is the reason behind everything you do. This is the motivation or rationale behind every action that your company makes.
In order for your company to achieve advantage over its competitors, you will need to develop your mission and vision – the purpose - for the structure you intend to construct. This will embody the principles and core beliefs you hold most important. Through good times and bad, this will offer direction, focus and clarity. Spend some time defining your goals. Your efforts will seem much more valuable and worthwhile as a result. You will have a set of objectives to use as benchmarks to gauge your progress once you have established your company's vision and values.
Product-based businesses need to develop ways to promote and sell their goods, and developing a marketing mix is one of such techniques.
Importance of purpose in marketing mix
Purpose in the marketing mix is a great tool for developing the best marketing strategy and putting it into practice using successful approaches. A critical component of your total marketing strategy is the evaluation of the roles played by your product, promotion, pricing, and location. Positioning, targeting, and segmentation all work together as part of the marketing mix plan. Therefore, all the components that make up the marketing mix and the extended marketing mix interact with one another. All products may be roughly grouped into three distinct categories:
Tangible products – These are consumer goods that have a real physical existence, i.e. you can touch them. Examples include laptops, phones, or foodstuff.
Intangible products – These are things that don't physically exist but can nonetheless be recognised; an example of this is an insurance policy. Intangible products also include online products like music and video files, software applications, and apps on your phone.
Services – Although they stem from economic activity rather than physical possession, services are also intangible products. It is a procedure that offers advantages and benefits to clients. Given how much depends on the individual providing the service, it is still difficult and challenging to replicate services accurately.
In summary, understanding the “Why” will help you define the building blocks for your marketing mix. With a marketing mix, you will be able to make use of marketing tools that will help in promoting and selling your product or service.
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