What is it?
When marketing products, firms need to make a mix of:
- the right product
- sold at a reasonable/ competitive price
- in the right place
- using the most suitable promotion.
The price must reflect on the quality and the value placed on the product by the customers.
Usually, a HIGH PRICE = HIGH QUALITY
The price set must also allow the producer to make profit as well as compete with other brands.
Products must be available at locations suitable to customers.
- High Street
- Shopping Centre
- Industrial Estate
The product must be of good quality, price and a customer need.
The following techniques can be used:
- Specialised versions
- Changed packaging
- New Technologies
- Widening the product range
Promotion involves telling your customers about your products or services.
Types of promotion:
- Sales promotion
- Direct Mailing
- Public Relations
Read more: http://businesscasestudies.co.uk/business-theory/marketing/marketing-mix-price-place-promotion-product.html#ixzz2rsO0u9TQ
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