Marketing Mix is a basic framework in marketing that allows business organizations to implement efficient marketing strategies. Marketing Mix consists of four exclusive and independent variables (Product, Price, Promotion, and Place). These variables are closely linked and tend to influence each other in a market. The various marketing objectives such as sales, profits, customer satisfaction, and retention can be attained using this set of four variables. Globalization has given rise to considerable changes in the business environment.
And businesses are required to take note of the ongoing trends and changing requirements within the organization and the market to ensure the marketing mix components remain applicable and are updated as per the timeline. In a highly volatile market, marketers must attain the expected results by skillfully manipulating the marketing mix variables. Thus, flexibility in the marketing mix focuses on each of these variables and is increased or decreased as per the customer demands and market conditions.
Flexibility in Marketing-Mix decisions allows to include continual changes in marketing campaigns to retain what is working and eradicate what is not. The flexible marketing strategy sets out plans of how and where can promote products/services with tentative timelines and dates for campaigning. Marketing Mix flexibility gives businesses the platform to adapt to the market volatilities, emerging market trends, unleash new opportunities, and discover gaps caused due to competitor lapses. Such flexibility is crucial in reaching targeted market segments during new product launches. It also helps adjust the marketing budget as per the sales performance, replaces inadequate marketing plans/channels with better options, and frame strategies based on customer feedback.
Benefits of Flexibility in Marketing Mix Decisions
The benefits of flexibility in marketing-mix decisions are:
It Acts as a Roadmap – The marketing mix gives a higher perspective of the strategies, ideas, and tasks to help attain the business objectives. By viewing the plan as a roadmap, businesses know it is not rigid and can quickly change the direction by offering alternative routes to set objectives. Most importantly, it offers freedom to the businesses to make adjustments in the marketing mix plan without complete isolation.
Track Performance Routinely – The flexibility allows businesses to check the performance of marketing strategies periodically. Businesses can identify what is and what is not working and including necessary improvements.
Manage the Unexpected – It is essential for businesses to have a marketing mix plan; flexibility ensures it is effective until a certain tenure. It allows to efficiently respond to marketplace changes, design opportunities, and arising concerns. Thus, flexibility in marketing mix decisions helps maximize budget, reduce stress levels, and successfully attain marketing objectives – irrespective of market conditions.
Why does Flexibility in Marketing Mix Decisions Matter?
It can be concluded that flexibility in marketing-mix decisions refers to the firm’s ability to adapt its marketing response as per the fluctuating marketing environment. Such flexibility allows addressing the critical concerns by responding to competitor actions, changing customer trends, market environment, technology, and decisions about entry and exit. Businesses function in a dynamic environment that is witnessing volatilities every day. More than ever, marketers are facing disruptive innovations that are changing consumer attitudes frequently. When the firms are focused not flexible with the marketing mix, chances of immobility are higher. Such situations result in myopia marketing, as the marketer tends to be more focused on the product but fails to notice the market changes. Thus, firms must have a flexible approach to respond appropriately to the fluctuating marketing environment and competition.
As it is difficult to forecast what can happen to a business over the coming year, marketing mix flexibility allows altering the components as required. Businesses can respond quickly to unplanned competitiveness, change strategies based on emerging customer preferences and behaviors, and make amendments due to market volatilities. Marketing mix flexibility allows to grow investments through successful campaigning, exploit new opportunities, terminate ineffective strategies, and reassign resources to other marketing initiatives. To illustrate, one of the primary competitors launched a new campaign and acquired a greater market share. However, as the business incorporates flexibility into the marketing mix, the team can take quick actions, assign funds, and respond with independent campaigning.
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