Your company’s marketing strategy speaks volumes about the kind of value you wish to create for your potential customers and how you intend to deliver it to them. While creating the right marketing mix for your business needs, ensure to blend in all the promotional tools to convey the right message to the right audience at the right time and place. To build an integrated marketing plan, you need to assess the tools available and decide on how you would use them to influence the audience. The marketing mix is important to position your brand and organization in the market. Learn how to create just the right marketing plan for your business with this course.
Consisting of the five P’s – Person, Product, Price, Place and Promotion – the marketing mix is should be built on an integrated framework so that a consistent message is deliver across communication channels, whether it is print, TV, one-to-one, digital, social media or other internet and mobile technologies. (Tip: You can learn more about the 5 P’s of marketing in this course.) Establishing a two-way communication with your audience is as important as delivering the marketing messages itself; therefore the implementation plays a crucial role as well. So, if you are a businessman, a marketing executive or part of the sales and advertising team in your firm, get to know the various aspects of how to create the perfect marketing mix that suits your business objectives. If you are new to the marketing field, skip right ahead to this course to better understand how to work out the right marketing strategy for your business. Let us discuss the elements of an effective marketing mix with the following example.
Marketing Mix Example
Let’s take a look at the amazing example of Adidas, the second largest sportswear manufacturer in the world, which created out-of-the-box marketing strategies during the London 2012 Olympics Games to promote its brand and effectively engage with customers across the globe.
- Product – The first major objective of Adidas was to increase its visibility among their target audiences by coming up with innovative products. For this, they entered into a sponsorship deal with the organizers of the event and promised to become the official sportswear partner of the London Games. Apart from an objective to target the teenagers in UK and engage them effectively, Adidas decided to create an Athletes’ kit for all the members of the UK team. They not only got an opportunity to design new and innovative sports products but also got to kick-start their marketing campaign for the activity almost 2 years before the event. The promotions created excitement amongst the country’s youth and the new product designs were quite catchy to audiences around the world.
- Price – Since it was a sponsorship deal, Adidas earned exclusive licensee rights for all branded and event branded clothing i.e. to associate itself with all events of the games, with the Great Britain sports team and the Para-Olympics team. It now had the opportunity to deliver a licensed product return on investment while obtaining the largest sportswear rights in the history of Olympics. Learn more about pricing strategies and how to establish the right price of a product or service with this course.
- Place – The stage was set for Adidas to showcase its innovative products to the global audience as the sports team would wear clothing, accessories and use sports equipment that carried the brand name, logo etc. The London 2012 Games was the perfect opportunity to have a global reach and engage with customers across segments.
- Promotion – While Adidas had the exclusive rights to be the official sportswear partner for the event, there were around 50 other sponsors who would communicate their branding messages to the world audience. So, how did Adidas position itself to convey the right messages through the right channels and at the right time to create differentiation? The answer lay in its ‘Take the Stage’ campaign, an innovative promotional activity that was used by the company to garner national support for the country’s Olympic Team. Through the concept of AIDA (create Awareness, generate Interest and Desire and ensure Action amongst the consumer), Adidas indulged in several kinds of promotions to engage with the audience.
Adidas created TV ads that featured sporting greats like David Beckham and Derrick Rose, who promoted their products on air. They also used the print and outdoor media to achieve correct product placement.
Through ‘Take the Stage’ campaign, Adidas encouraged youngsters in the country to showcase their talents on social media and went on to reward 32 deserving candidates by giving them a chance to meet their sporting idols and favorite music artistes.
With the power of social media, Adidas created a successful social media campaign that showcased YouTube videos that featured the athletes singing to the popular Queen’s song ‘Don’t stop me now’. Videos that showed supporters being surprised at David Beckham’s presence in a large photo booth were posted online and went viral instantly. You can learn more about social media marketing for businesses with this course.
Promotions played a large role in Adidas’ successful marketing strategy during the London 2012 Olympic Games but it was their ability to achieve the right marketing mix that saw a tremendous boost in sales across the country.
An organization’s marketing mix plays a crucial role in positioning its brand and driving sales; however, to achieve the right balance it’s important to plan, build and execute the strategy in a cost-effective manner. Defining your marketing objectives and giving shape to your overall campaign requires a proper understanding of your strengths and weaknesses, your target audience’s needs and your ability to deliver the promises made. In fact, Alex Genadinik shares his marketing plan and strategy to reach out to 1 million users in this course! If you are an entrepreneur, a business owner or a marketing professional, understand your markets and assess your business capabilities to create the perfect marketing mix!