Module 5

Marketing mix, competition analysis

“Having a great idea for a product is important, but having a great idea for a product distribution is even more important.”

-Reid Hoffman

Marketing Mix? What is this one? As we mentioned before, marketing is more than selling and advertising. It is the art of finding out what customers need and offer the right product or service through the channel to them. Obviously, it must be with the right price range to be noticed and purchased by customers.

 

Our solution fit to customers problems is what we call a product (service as a product).

Marketing mix includes defining your products based on what you have discovered as customer problems, you must clearly describe your products features and their benefits to customers.

Remember customers buy your products because the benefits NOT the features. Even if customers ask about the features, they translate them to the benefits they could get from that specific feature. 

 

Then choose the right price to showcase your product quality as well as ensuring you reach your profit targets. Determining what sales channels you must use to reach your customers are the next step, such as selling via retail shops, or your website, or through an agent or distributor.

All these efforts must be communicated correctly and efficiently to the right target market; this is where you must have the right promotion strategy.

 

Promotion could be paid such as advertising (paper, or Google/.facebook), or it could be unpaid, such as the content on your website, public relation, networking etc.

The following template includes all 4Ps of marketing in one form. You can also learn more about pricing strategy in the other document.

Click to download this book:

How to target Business to Business (B2B) Customers

Entrepreneurs must always consider and examine their competitions. Competitors can be a good source of learning and being aware of what is happening in the marketplace.

Ignoring what your competition does can cause issues and complications. Therefore, you must constantly study your competitors' strengths and weaknesses and learn from them.

Watch the following video, then start filling the competitor's analysis document attached. You must do extensive research to find out details of your competitors.

What has Marissa learned about Competitors analysis

Analyse your competitors using this template

Modern day strategies to differentiate your business from competitors

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