Promotion

There are many ways to promote a business. If it's a new business, alot of effort has to be put in to gain publicity and to inform the target audience of the actual presence of this new business.

It can adopt the usual methods such as distribution of flyers, advertising on the media, giving away coupons offering discounts, special promotions like ''buy one get one free'', inviting a popular local celebrity to attend its opening ceremony, lucky draws/contests etc.

Marketing Mix:Promotion

Promotion is a very essential element of the Marketing Mix.

To be able to inform, educate and attract the target audience is of utmost importance if a business is to succeed.

Always Full On Most If Not All Flights

Why is Singapore Airlines so successful? Well, it combines the use of its Marketing Mix really well and leverage on its goodwill that it has created over the years. Take a look, at least 95% of seats occupied, despite its 'higher than competitors' air ticket prices.

Marketing Mix : Place Cont.....

If you observe shops or cafes that are located at a crowded location say at a shopping mall in the heart of the city or close to a train station, you will most probably notice that they will have better sales or business.

Those shops/cafes located on the first floor of the mall next to the entrance for example will have more business as well, and that explains the higher rental payments these shops/cafes have to pay each month.

So getting the place right is very important, however one 'P' cannot be used by itself to win the battle in business, it has to be combined with the other 'P's to gain success. For example, a shop selling something (ie product) that consumers do not need will not do well even if their location (ie place) is excellent.

Singapore Airlines : Marketing Done Well

Singapore Airlines has performed so well over the years because they have planned and executed successful marketing strategies throughout the years.

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Marketing Mix : Place

Another very important element of the Marketing Mix is Place or Distribution as it is commonly known.

How customers get to you or how your product or service gets to them is crucial in deciding if it is easy and convenient for them to buy.

Marketing Mix : Price Cont .....

There are many traditional coffee shops now being opened and managed in air-conditioned shopping malls.

This concept has been around for several years in Singapore and crowds just keep going back for more.

On the menu, one can easily find coffee, tea, toast bread, chicken rice, curry rice, mee siam, mee rebus etc.

The entire marketing mix is important in keeping the business at the top but one important ingredient that the target market looks for is Price. If prices are kept low or at least lower than competitors, a business will surely be able to survive and even prosper.

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Place or Distribution

Place or Distribution is crucial in determining how consumers can get to the business. Traditional shops and retail outlets are still in operation, but online shopping is indeed catching up in terms of popularity with shoppers.

Online shops or websites/blogs which offer shopping cart services and checkout services with convenient payment modes using credit cards are gaining popularity in many parts of the world.

Price cont.......

Businesses have to strike a balance between offering a price which the target market is willing to pay, while still making a profit for the business.

This is a fine line and some businesses fail because they do not get this right.

Marketing Mix : Price Cont......

Price is an essential element. How to suitably price the product/service requires skill and experience and hard work. One needs to study pricing trends in the industry, do sufficient research, check out competitors' prices etc.

It is not an easy task, but once it is done well, the rewards associated will more than make up for the time and effort put in.

Marketing Mix : Price

Many feel that price is the main determinant in business success. Well, it is a vital factor influencing sales, but it is not the only factor, it is part of the Marketing Mix and all of the elements in the Marketing Mix are important.

Marketing Mix: Product Cont............

Coming up with an ideal Product which sells in the target market is an extremely difficult task. Just look around shopping malls or online shops, everything that consumers need is available for sale and conveniently offered by many businesses.

So either come up with:
- a new unique product that sells and milk it before competitors eventually come into the picture and snatch a piece of the pie or,
- differentiate your product in such a way that consumers see your product as 'different'.