Marketing Mix Strategies
Read the marketing mix strategies that form
part of a full sample marketing plan you can
download free and edit for use.
The page gives examples of marketing mix strategies relating
to product, price, Place, promotion and people. Below is the
marketing mix strategies section of a
full example
marketing plan you can download free and save you and
your company the time and money it would take to formulate your
own from scratch. Go to the
sample marketing mix
strategies.
Marketing Mix Product
The bank will offer a “Golden Years” deposit account that will target wealthy
nationals over 50 years of age, returning home or resident locally, including
doctors, lawyers, managers, entrepreneurs and retired persons. The account will
allow for the writing of checks while at the same time will attract interest at
a rate higher than that paid to regular savings. It will also allow the customer
to access other banking services at reduced price, as well as personal banking
services.
Marketing Mix Price
Interest rate will be 1% above the rate paid to regular accounts in the
market. Charges for other services will be at half price.
Marketing Mix Place
Special counter will be made available to golden years customers for them
to do their transactions without having to wait in the regular line. Provide
the service through our network of branches throughout the country. Install
six additional ATMs at strategic locations throughout the country. Introduce
telephone banking to allow customers to transfer funds between accounts, perform
account inquiry and pay their utility bills without visiting the bank. Perform
personal banking for busy professionals, including doctors, lawyers, managers,
etc.
Marketing Mix Promotion
Email or write to prospective customers informing them of the service. Phone prospective customers or visit them at their residents or place of
business to sell the service to them. Advertise the service on our website. Develop an advertising program targeting the selected group.
Marketing Mix People
Recruit a sales team from members of the staff who possess the required
skills for the task. Provide the members of the team with a formal written
program of the project. Provide each member of the team with a job description
setting out clearly the job expectations and goals, as well as the required
job-related behaviors. Train the sales team for the job. Provide the team
with the necessary tools and resources, for instance, cell phones. Provide the
team with incentives, such as traveling allowances and rewards for sales
volumes. Develop a performance appraisal system that will allow for feedback
throughout the year and will determine annual salary increments.
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