Detailed marketing mix reports can increase customer satisfaction because they help executives understand what services or products may be in demand.
Creating a marketing mix report often includes research, compilation, formatting, and presentation. Companies with a focused and sustainable marketing mix often improve sales of goods and services, while also gaining and retaining customers and increasing customer satisfaction. The research that goes into a marketing mix report can range from competitive analysis to customer surveys and focus groups. A good marketing mix depends on knowing what current customers appreciate and what they want to change, as well as what competitors are doing to attract or retain customers.
Product review is also an important part of crafting a marketing mix. Some goods and services are best promoted through visual demonstrations. This could include TV commercials, videos, or supermarket giveaways in the marketing mix. Other products can also benefit from less expensive marketing strategies, such as radio ads or newspaper coupons.
Compiling a marketing mix report typically requires sorting information by category, priority, and relevance. The first section is usually a definition of the marketing mix and its importance to market share and positioning. The following sections often include a discussion of price, product, location, and promotion, concepts known as the Four Ps. Knowing what competitors are offering, what their market share is, and what their shortcomings are is also a critical part of marketing mix analysis. Companies can change their marketing strategies if they know their competitors’ current and proposed price lists, product or service quality, and customer satisfaction ratings.
The correct way to format a marketing mix report largely depends on who you are submitting the report to. Small businesses can request a more informal and easy-to-follow step-by-step review, while large corporations can request a formal report based on company specifications. Regardless of which style you prefer, correct spelling, grammar, and punctuation are usually required. A table of contents, index, and glossary are helpful items to include. Dividing chapters into small, easy-to-digest sections and using bullet points and numbering systems also help audiences navigate a marketing mix report.
A marketing mix report can be linked in several ways. Informal reports can be stapled in the top left corner if they are not too bulky, or placed in a hook-and-loop folder or small binder. Larger, more formal reports can be bound like a paperback or hardcover book.
If an electronic marketing mix report is requested, it may be emailed, downloaded or posted on a website for your review. It’s generally recommended that you convert a document created with word processing software to a Portable Document File (PDF) before attaching it to an email or uploading it to a website.