When should marketing strategies be used?
The 4Ps of the marketing mix: product, price, sales, communication
Marketing mix: using marketing tools correctly
After the market analysis, you have defined the company goals and thus answered the question WHERE do you want your company to go. With the corporate strategy, you have then determined HOW you want to achieve your goals. Now it is a matter of determining the concrete measures - you have to decide WHICH instruments you want to use to achieve the goals. You do this with the chapter Marketing mix in the business plan.
It's all in the mix: The 4Ps of the marketing mix
Derived from the corporate strategy, you now have to develop specific measures. You do this with the help of the marketing mix made up of the 4Ps. The famous 4Ps that have established themselves in marketing stand for the following marketing instruments. The respective basic idea of the 4Ps in the marketing mix is relatively simple:
- Product: find the right offer for your target group.
- Price (pricing policy): offer this on reasonable terms
- Place (distribution policy): distribute it through the right distribution channels
- Promotion (communication policy): make sure that your target group knows that your offer exists and provides 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 are mostly the most important, depending on the business model
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The optimal marketing mix
The marketing mix is about defining the measures and properties of the individual P's in such a way that they are coordinated with one another. The question arises 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 Ps step by step.
The product policy in the marketing mix
The basis for the marketing mix and, accordingly, probably the most important "P" stands for your product. Without a convincing product that delivers specific customer benefits and added value, it will be extremely difficult to be successful in the long term.
Define pricing policy in the marketing mix
Price is an important tool in the marketing mix. In addition to the price itself, it is about setting discounts, financing options, and payment and delivery conditions. Of course, it is also important that you set the best possible price-performance ratio. Use our free price-performance ratio tool for this.
Distribution policy: which distribution channels should it be?
Under distribution policy, you specify 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. A basic distinction is made between direct and indirect sales.
Communication policy: promote your offer
If the customer doesn't know your product exists, they won't buy it! In addition to classic advertising with its numerous advertising materials, the subject of communication policy in the marketing mix is also about sales-promoting measures.
When working out the marketing mix, make sure that you work through the 4 P's one after the other as a first step. In a second step, you should then critically check your marketing mix to see whether the individual P's are coordinated with one another.
Online marketing in the marketing mix
In addition to the offline activities in the marketing mix, as a start-up you should also check possible online marketing measures. The same 4P's of the marketing mix apply here as in offline marketing, but online advertising and online sales in particular should be relevant for you in the marketing mix for online activities.
Attention: An optimal marketing mix is a mixture of offline and online activities that are coordinated with each other. Once you've established your marketing mix, you're ready to move on to the marketing budget. Press work can also make your products better known.
TV advertising, social media marketing, internet advertising, promotional items, direct marketing - we have put together more information on the very practical side of the marketing mix for you here.Create a marketing concept
The marketing budget follows the marketing mix
With the marketing mix, you have determined the marketing instruments and the corresponding marketing measures. Now it is important to put a figure on the marketing expenses in order to then determine a marketing budget. The marketing budget then flows into the financial plan later. If you need help with the marketing budget, the financial plan and / or the business plan, you can benefit from the sponsored start-up coaching.
In addition to the expenses, try to compare the advertising efficiency of the individual measures in your marketing mix. Use our free tool for this and for the marketing budget.
The goal is…
... that you present a coherent marketing mix in your business plan. The 4Ps in the online and offline marketing mix must be coordinated with one another.
When you have determined the measures in the marketing mix, you can work out the marketing budget that you can integrate in your business plan and later in the financial plan. Make sure that you also check the advertising effectiveness of the individual measures in your marketing mix.
When you have determined the marketing mix and worked out the budget, you can tackle the next chapter of the business plan, the operational organization!
As editor-in-chief, René Klein has been responsible for the content of the portal and all publications by Für-Gründer.de for over 10 years. He is a regular interlocutor in other media and writes numerous external specialist articles on start-up topics. Before his time as editor-in-chief and co-founder of Für-Gründer.de, he advised listed companies in the field of financial market communication.
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