Question

Suppose you are starting your new venture than how marketing mix have impact on your business

Answer 1

Marketing mix can impact through the following ways:

• Clean mix creation: Marketing mix can help the new business venture in creating a clan mix that includes elements like product, price, place, and promotional activities. A proper mix of all the elements helps businesses grow.

• Helps developing products: A proper marketing strategy application helps create products according to the demands and location. Thus, a new business venture must use the marketing mix strategy for new product development.

• Enhancement of product portfolio: An effective use of marketing mix strategy enhances product portfolio according to product line, and length. The strategy helps to understand whether the products require a change or not.

• Guide: Marketing mix is a guiding principle for new business ventures. The marketing mix factors like people and process are valuable in guiding the organization for its strategic design, and overall working.

• Differentiation: Marketing mix is an excellent way of differentiating products, price, and promotional strategies. It gives a clear idea about the target market strategies so that the company can differentiate their strategies from competitors.