Marketing mix.

Topic 1.3
Pyren Begum

what is 'Marketing Mix'?

    The marketing mix and the 4 Ps of marketing are often used as synonyms for each other. In fact, they are not necessarily the same thing.

    "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market.

    The 4ps are;

    Product (or Service). eg's:

    How and where will the customer use it?

    What does it look like? How will customers experience it?

    What size(s), color(s), and so on, should it be?

    What is it to be called?

    How is it branded?

    Place. eg's:

    where do buyers look for in your product or service?

    If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?

    How can you access the right distribution channels?

    Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies?

    Price. eg's:

    What is the value of the product or service to the buyer?

    Are there established price points for products or services in this area?

    Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?

    Promotion. eg's:

    Where and when can you get across your marketing messages to your target market?

    Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?

    When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?

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