Using the Marketing Mix to Maximize Customer Returns

The traditional marketing mix used by businesses comprised of 4 key elements thought to be vital to the success of any business. However, with the passage of time and the variations in the kind of products and services offered, there are 7 key elements today in the marketing mix that require constant evaluation to ensure the best possible results. These 7 P’s are:
Product

Price

Placement

Promotion

Physical Evidence

Process

People

Businesses use a unique combination of all these elements in an attempt to achieve the highest customer satisfaction levels.In this article, we will discuss all the 7 elements in detail and will explain how businesses can make constant variations in their product mix to maximize their goals.Product
What distinguishes your product or service from other products? While there are standard quality and service components to establish performance, the product or service needs to be somehow unique, some way better than its competitor. This “unique selling proposition” is mission-critical to the business’s success. Customer satisfaction with your product or service is of utmost importance. Though it’s important to offer a high quality or a more economical price, better availability or quicker delivery time, it is also essential to make sure that your product or service has something that is unique and that sets it apart from the competitors in the market.Price
Consider if the target market sees the price of your product or service as affordable. If the target market is not willing or able to buy, there is no chance to build your business successfully. If the price of your products is higher than competition, it is imperative to convince the market the value of the price premium.Placement
In order to capture the market, make your products and services accessible and easy to buy. If the customer can’t find you, they can’t buy from you. If you offer online sales, carefully consider the process customers must go through to buy online. A difficult purchasing process is a barrier to sales. Know where your target audience lives and shops in order to put your product in front where they can see and learn about it.Promotion
Promoting your product through the right channels to ensure highest exposure is essential to the marketing process. A promotion on broadcast TV or radio is expensive compared to other channels; they will reach people who may have no interest or not be qualified to buy your products. The costly reach of broadcast media can waste valuable marketing dollars with little return. If the channel is online, use the internet – and search engine optimization – to your advantage. Find out the keyword search terms that will bring the most amount of traffic. Leverage the content and position of the websites that feature your product to its best advantage. If promotion is direct mail, give careful consideration to a targeted mailing list. Direct mail can be more focused and waste less resources, resulting in a more exacting approach to your target market.Physical Evidence
Think about all aspects of your organization that your prospective customer encounters. From the cleanliness of the selling floor and lavatories in a brick and mortar location to the ease of website navigation, the visit should be a pleasant and hassle-free experience for the customer. Polite, courteous and well-trained staff should be a priority to convey an image of quality from the product to the people who help sell and re-sell the product. The primary and secondary packaging can elevate a simple useful product and make it more desirable. Everything that the customer comes in contact with comes under the physical evidence.Process
A lead generation process happens from the time your marketing is seen or heard by the customer until they take advantage of your call to action. The sales process starts from that call to action until the product or service is successfully delivered and paid for. Is the process well-tested and reliable? Is the experience the same from the customer’s point of view each time they interact with your company? How efficient is the sales process? If the process can be delivered from lead to sales in the optimum amount of time, conserving resources and expense, it can be replicated over and over to build more sales revenue.People
From the people who answer the phone, greet the customer, handle problems, process payments, follow up on the sale, and manage the team to the president of the company, all actions contribute to an image of quality and service. It’s common to hear companies say we have great customer service in today’s world, but how they deliver the great service is what holds great significance to the customer.How Companies Use the Marketing Mix
The marketing mix experiences a lot of variations throughout a product’s lifecycle stage. For example, if we look at the category of health supplements, a lot of the brands started off as delivering nutritional supplements to men and women in the market. However, in the development stage of the product’s lifecycle, brands were focusing more on gaining exposure through lower introductory prices and different promotional packages. As the brands crossed the Introductory stage and moved on to growth stage, businesses started catering to more specialized categories such as Teens, Men, Women, and the above 50 and began developing more products for each category. These line extensions are typical of a business in the growth stage. When a company is in the mature phase of their lifecycle, it is common to re-launch their products with innovation to capture the surge of business experience in the development stage. In the category of health supplements, many brands identified the opportunity of attracting customers looking for exercise and athletic supplements for enhance performance. This new market segment opened the doors of a completely new marketing niche for businesses that focused on diversifying the market and on increasing the market for this new category.Conclusion
Experienced marketing consultants such as 1st Straw Marketing ask a lot of questions to dive deep into the different aspects of business. Getting to know the perception of the market and the internal workings of the company selling products and services is essential to developing a strategic and tactical plan that can be successful. Depending on each stage of the product’s lifecycle and the influence of the market, business leaders and professional marketers are constantly evaluating their marketing mix and making changes to serve their target market better. Planning, review, evaluation and research goes into determining every element of the marketing mix and is vital to the overall success of a business.

What We Have Here Is A Failure To Communicate

The results of this past election proved once again that the Democrats had a golden opportunity to capitalize on the failings of the Trump Presidency but, fell short of a nation wide mandate. A mandate to seize the gauntlet of the progressive movement that Senator Sanders through down a little over four years ago. The opportunities were there from the very beginning even before this pandemic struck. In their failing to educate the public of the consequences of continued Congressional gridlock, conservatism, and what National Economic Reform’s Ten Articles of Confederation would do led to the results that are playing out today.. More Congressional gridlock, more conservatism and more suffering of millions of Americans are the direct consequences of the Democrats failure to communicate and educate the public. Educate the public that a progressive agenda is necessary to pull the United States out of this Pandemic, and restore this nations health and vitality.

It was the DNC’s intent in this election to only focus on the Trump Administration. They failed to grasp the urgency of the times. They also failed to communicate with the public about the dire conditions millions have been and still are facing even before the Pandemic. The billions of dollars funneled into campaign coffers should have been used to educate the voting public that creating a unified coalition would bring sweeping reforms that are so desperately needed. The reality of what transpired in a year and a half of political campaigning those billions of dollars only created more animosity and division polarizing one extreme over another.

One can remember back in 1992 Ross Perot used his own funds to go on national TV to educate the public on the dire ramifications of not addressing our national debt. That same approach should have been used during this election cycle. By using the medium of television to communicate and educate the public is the most effective way in communicating and educating the public. Had the Biden campaign and the DNC used their resources in this way the results we ae seeing today would have not created the potential for more gridlock in our government. The opportunity was there to educate the public of safety protocols during the siege of this pandemic and how National Economic Reform’s Ten Articles of Confederation provides the necessary progressive reforms that will propel the United States out of the abyss of debt and restore our economy. Restoring our economy so that every American will have the means and the availability of financial and economic security.

The failure of the Democratic party since 2016 has been recruiting a Presidential Candidate who many felt was questionable and more conservative signals that the results of today has not met with the desired results the Democratic party wanted. Then again? By not fully communicating and not educating the public on the merits of a unified progressive platform has left the United States transfixed in our greatest divides since the Civil War. This writers support of Senator Bernie Sanders is well documented. Since 2015 he has laid the groundwork for progressive reforms. He also has the foundations on which these reforms can deliver the goods as they say. But, what did the DNC do, they purposely went out of their way to engineer a candidate who was more in tune with the status-quo of the DNC. They failed to communicate to the public in educating all of us on the ways our lives would be better served with a progressive agenda that was the benchmark of Senators Sanders Presidential campaign and his Our Revolution movement. And this is way there is still really no progress in creating a less toxic environment in Washington and around the country.

S&P 500 Biotech Giant Vertex Leads 5 Stocks Showing Strength

Your stocks to watch for the week ahead are Cheniere Energy (LNG), S&P 500 biotech giant Vertex Pharmaceuticals (VRTX), Cardinal Health (CAH), Steel Dynamics (STLD) and Genuine Parts (GPC).

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While the market remains in correction, with analysts and investors wary of an economic downturn, these five stocks are worth adding to watchlists. S&P 500 medical giants Vertex and Cardinal Health have been holding up, as health-care related plays tend to do well in down markets.

Steel Dynamics and Genuine Parts are both coming off strong earnings as both the steel and auto parts industries report optimistic outlooks. Meanwhile, Cheniere Energy saw sales boom in the second quarter as demand in Europe for natural gas continues to grow.

Major indexes have been making rally attempts with the Dow Jones and S&P 500 testing weekly support on Friday. With market uncertainty, investors should be ready for follow-through day breakouts and keep an eye on these stocks.

Cheniere Energy, Cardinal Health and VRTX stock are all on IBD Leaderboard.

Cheniere Energy Stock
LNG shares rose 1.1% to 175.79 during Friday’s market trading. On the week, the stock advanced 3.1%, not from highs, bouncing from its 21-day and 10-week lines earlier in the week.

Cheniere Energy has been consolidating since mid-September, but needs another week to forge a proper base, with a potential 182.72 buy point formed on Aug. 10.

Houston-based Cheniere Energy was IBD Stock Of The Day on Thursday, as the largest U.S. producer of liquefied natural gas eyes strong demand in Europe.

Even though natural gas prices are plunging in the U.S. and Europe, investors still see strong LNG demand for Cheniere and others.

The U.K. government confirmed last week that it is in talks for an LNG purchase agreement with a number of companies, including Cheniere.

In the first half of 2021, less than 40% of Cheniere’s cargoes of LNG landed in Europe. That jumped to more than 70% through this year’s second quarter, even as the company ramped up new export capacity. The urgency of Europe’s natural gas shortage only intensified last month. That is when an explosion disabled the Nord Stream 1 pipeline from Russia that had once supplied 40% of the European Union’s natural gas.

In Q2, sales increased 165% to $8 billion and LNG earned $2.90 per share, up from a net loss of $1.30 per share in Q2 2021. The company will report Q3 earnings Nov. 3, with investors seeing booming profits for the next few quarters.

Cheniere Energy has a Composite Rating of 84. It has a 98 Relative Strength Rating, an exclusive IBD Stock Checkup gauge for share price movement with a 1 to 99 score. The rating shows how a stock’s performance over the last 52 weeks holds up against all the other stocks in IBD’s database. The EPS rating is 41.

Vertex Stock
VRTX stock jumped 3.4% to 300 on Friday, rebounding from a test of its 50-day moving average. Shares climbed 2.2% for the week. Vertex stock has formed a tight flat base with an official buy point of 306.05, according to MarketSmith analysis.

The stock has remained consistent over recent weeks, while the relative strength line has trended higher. The RS line tracks a stock’s performance vs. the S&P 500 index.

Vertex Q3 earnings are on due Oct. 27. Analysts see EPS edging up 1% to $3.61 per share with sales increasing 16% to $2.2 billion, according to FactSet.

The Boston-based global biotech company dominates the cystic fibrosis treatment market. Vertex also has other products in late-stage clinical development that target sickle cell disease, Type 1 diabetes and certain genetically caused kidney diseases. That includes a gene-editing partnership with Crispr Therapeutics (CRSP).

In early August, Vertex reported better-than-expected second-quarter results and raised full-year sales targets.

S&P 500 stock Vertex ranks second in the Medical-Biomed/Biotech industry group. VRTX has a 99 Composite Rating. Its Relative Strength Rating is 94 and its EPS Rating is 99.

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Cardinal Health Stock
CAH stock advanced 3.2% to 73.03 Friday, clearing a 71.22 buy point from a shallow cup-with-handle base and hitting a record high. But volume was light on the breakout. CAH stock leapt 7.3% for the week.

Cardinal Health stock’s relative strength line has also been trending up for months.

The cup-with-handle base is part of a base-on-base pattern, forming just above a cup base cleared on Aug. 11.

Cardinal Health, based in Dublin, Ohio, offers a wide assortment of health care services and medical supplies to hospitals, labs, pharmacies and long-term care facilities. The company reports that it serves around 90% of hospitals and 60,000 pharmacies in the U.S.

S&P 500 stock Cardinal Health will report Q1 2023 earnings on Nov. 4. Analysts forecast earnings falling 26% to 96 cents per share. Sales are expected to increase 10% to $48.3 billion, according to FactSet.

Cardinal Health stock ranks first in the Medical-Wholesale Drug/Supplies industry group, ahead of McKesson (MCK), which is also showing positive action. CAH stock has a 94 Composite Rating out of 99. It has a 97 Relative Strength Rating and an EPS rating of 73.

Steel Dynamics Stock
STLD shares shot up 8.5% to 92.92 on Friday and soared 19% on the week, coming off a Steel Dynamics earnings beat Wednesday night.

Shares blasted above an 88.72 consolidation buy point Friday after clearing a trendline Thursday. STLD stock is 17% above its 50-day line, definitely extended from that key average.

Steel Dynamics’ latest consolidation could be seen as part of a larger base going back six months.

Steel Dynamics topped Q3 earnings views with EPS rising 10% to $5.46 while revenue grew 11% to $5.65 billion. The steel producer’s outlook is optimistic despite weaker flat rolled steel pricing. STLD reports its order activity and backlogs remain solid.

The Fort Wayne, Indiana-based company is among the largest producers of carbon steel products in the U.S. It engages in metal recycling operations along with steel fabrication and produces myriad steel products.

How Millett Grew Steel Dynamics From A Three Employee Business

STLD stock ranks first in the Steel-Producers industry group. STLD stock has a 96 Composite Rating out of 99. It has a 90 Relative Strength Rating, an exclusive IBD Stock Checkup gauge for share-price movement that tops at 99. The rating shows how a stock’s performance over the last 52 weeks holds up against all the other stocks in IBD’s database. The EPS rating is 98.

Genuine Parts Stock
GPC stock gained 2.8% to 162.35 Friday after the company topped earnings views with its Q3 results on Thursday. For the week GPC advanced 5.1% as the stock held its 50-day line and is in a flat base.

GPC has an official 165.09 flat-base buy point after a three-week rally, according to MarketSmith analysis.

The relative strength line for Genuine Parts stock has rallied sharply to highs over the past several months.

On Thursday, the Atlanta-based auto parts company raised its full-year guidance on growth across its automotive and industrial sales.

Genuine Parts earnings per share advanced 19% to $2.23 and revenue grew 18% to $5.675 billion in Q3. GPC’s full-year guidance is now calling for EPS of $8.05-$8.15, up from $7.80-$7.95. The company now forecasts revenue growth of 15%-16%, up from the earlier 12%-14%.

During the Covid pandemic, supply chain constraints caused a major upheaval in the auto industry, sending prices for new and used cars to record levels. This has made consumers more likely to hang on to their existing vehicles for longer, driving mileage higher and boosting demand for auto replacement parts.

Fellow auto stocks O’Reilly Auto Parts (ORLY) and AutoZone (AZO) have also rallied near buy points amid the struggling market. O’Reilly reports on Oct. 26.

IBD ranks Genuine Parts first in the Retail/Wholesale-Auto Parts industry group. GPC stock has a 96 Composite Rating. Its Relative Strength Rating is 94 and it has an EPS Rating of 89.