abhishreshthaa
Abhijeet S
Marketing Mix of Spanx, Inc.: Spanx, Inc. is a U.S. company that mainly manufactures footless pantyhose and other undergarments for women, particularly "body shaping" undergarments and bodysuit shapewear intended to give the wearer a slim and shapely appearance. They have been endorsed by celebrities like Oprah Winfrey and Miranda Lambert.[1]
About 5.4 million Spanx power panties have been sold since the year 2000, and the global retail sales for Spanx products exceeded $750 million for 2008.[2]
Company founder Sara Blakely received the Ernst & Young Entrepreneur of the Year Award in 2002, and appeared on Fox's 2004 reality television show titled The Rebel Billionaire: Branson's Quest for the Best. She has also appeared on the second season of American Inventor as a panel judge. She is a member of the Atlanta chapter of Entrepreneurs' Organization.
* Product
* Price
* Place (Distribution)
* Promotion
By using variations of these four components you have the ability to reach multiple consumers within your target market.
Creating a successful marketing mix that will increase results often takes experimenting and market research. There are many methods that can be used, both in person and the use of impersonal presentations. The key is to not always depend on "one" mix always explore other avenues. The combining and coordination of these elements will be more effective than depending on one.
You must coordinate all elements so that the prospective consumer is not being sent mixed messages that can cause confusion. Do all of your elements contain the same message? Take for example the following scenario:
We are a company that specializes in marketing services and we cater to physicians, however the products we offer fulfill the needs of lead generation for lawyers. Our price is geared an enterprise budget and our magazine advertisements and promotions are being placed in magazines that have a subscription base of senior citizens.
Do you see a problem with this? While in this scenario it is very obvious, I guarantee that by looking at your marketing mix you may find discrepancies that surprise you. Always make sure that your marketing mix has a message that speaks in unison.
For instance make sure that if you have a practice that caters to a niche market that your product is geared towards the need of that market, your price is within the budget of that market, you are distribution your product or service where it will be seen by that market, and gear your promotion to solve the problems that they are encountering.
If you remember one thing from this article it is that one of the main keys to the success of any marketing program is the ability to work effectively in shaping marketing mixes that meet the nature and needs of your specified target market.
About 5.4 million Spanx power panties have been sold since the year 2000, and the global retail sales for Spanx products exceeded $750 million for 2008.[2]
Company founder Sara Blakely received the Ernst & Young Entrepreneur of the Year Award in 2002, and appeared on Fox's 2004 reality television show titled The Rebel Billionaire: Branson's Quest for the Best. She has also appeared on the second season of American Inventor as a panel judge. She is a member of the Atlanta chapter of Entrepreneurs' Organization.
* Product
* Price
* Place (Distribution)
* Promotion
By using variations of these four components you have the ability to reach multiple consumers within your target market.
Creating a successful marketing mix that will increase results often takes experimenting and market research. There are many methods that can be used, both in person and the use of impersonal presentations. The key is to not always depend on "one" mix always explore other avenues. The combining and coordination of these elements will be more effective than depending on one.
You must coordinate all elements so that the prospective consumer is not being sent mixed messages that can cause confusion. Do all of your elements contain the same message? Take for example the following scenario:
We are a company that specializes in marketing services and we cater to physicians, however the products we offer fulfill the needs of lead generation for lawyers. Our price is geared an enterprise budget and our magazine advertisements and promotions are being placed in magazines that have a subscription base of senior citizens.
Do you see a problem with this? While in this scenario it is very obvious, I guarantee that by looking at your marketing mix you may find discrepancies that surprise you. Always make sure that your marketing mix has a message that speaks in unison.
For instance make sure that if you have a practice that caters to a niche market that your product is geared towards the need of that market, your price is within the budget of that market, you are distribution your product or service where it will be seen by that market, and gear your promotion to solve the problems that they are encountering.
If you remember one thing from this article it is that one of the main keys to the success of any marketing program is the ability to work effectively in shaping marketing mixes that meet the nature and needs of your specified target market.
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