What is the best approach for marketing mix?
I am writing a paper about marketing mix strategies and how to achieve maximum brand exposure with the minimum budget.
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A marketing mix consists of the four Ps (product, place, price and promotion). The best approach is the most precise approach. Know who your target market is going to be and make sure the product is developed specifically to solve a need or fix a problem. The price should be pinpointed by research to decide whether penetration or price skimming. The promotion is the key. In order to get maximum brand exposure for a minimum budget you need to consider alternative methods. Word of mouth, guerrilla marketing and social media are three cheap promotion tools to promote a brand. For example, utilizing email blasts with constant contact, facebook/twitter and guerrilla marketing (unique way to promote idea) can result in exposture. Create a funny Youtube videa and try to get it to go viral.
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