The Seven R's of the Marketing Mix
The seven R’s of marketing reflect the distinct but interrelated elements you must pay attention to if you want to succeed in business. Use the seven R’s as rough guidelines for the logistical elements of your marketing mix -- the combination of strategies for distribution, promotion, products and pricing that get your product or service in the hands of consumers.
Your target customer is out there, but she might have no idea your product or service exists. Your challenge is to get the product to the right customer, wherever she is. Market research can tell you whom to target and how to do it. After that, your budget determines which marketing strategies you can use to ensure the right people know about and have access to your product.
If you've done your homework, you know who your target consumer is and what he wants. The trick is to offer him a product that is a clear solution to a powerful need he has. It’s also important to have a product that stands apart from what your competitors offer.
If you offer too few products, you won’t make as much money as possible. If you offer too many products, you fritter away resources producing and distributing your products, only to have them collect dust on shelves. The key is to strike the right balance, producing and distributing as many products as demanded without oversupplying the market.
If your product is of high quality before you ship it but of low quality by the time it reaches consumers, you've got a problem. A vital element of logistics is the safe delivery of your products, so choose a distribution strategy that preserves the quality of your product without drastically increasing your overhead costs.
Consumer demand is rarely evenly distributed. People in one region might long for your product, while people in another might not care for it at all. Market research can help you analyze regional variations in demand. After that, choose a distribution strategy that allows you to satisfy demand without oversupplying or undersupplying any locations.
If you do everything right but don’t get your products out on time, your marketing mix will fail. If a potential customer visits a local store, for example, but fails to find your product, chances are you won’t get another shot. That customer will probably grab the next-best thing and forget all about your product. Timing is everything in marketing. Create a schedule and stick to it.
A high price drives customers away. A low price attracts them in droves but tanks your profit margin. The right price is a balance between the amount that a region’s consumers are willing to pay and the amount that secures your company’s financial well-being.