revising about marketing mix
What is marketing mix
The marketing mix is a business tool used in marketing. The marketing mix is often crucial when determining a product of brand's offers, and is often synonymous with the four P's: Product, promotion, price and place
The four P's
Product: To be straight to the point, it is the goods you sell which is your main part of your business.
Price: It is the money you chosen to sell your goods, for an example I am selling my chocolate bar for a pound which is a price.
Place: The place you are going to set your store and sell your goods 'Market Research'
Promotion: It is how you are going to make you business much popular which is1 advertisement. Say you just started a business and you got money on loan from the bank, you can make an advertisement such as advertising on the TV or leaflets etc. Or you can have the money to make an advertisement.
I started a new business, the goods that I am selling is clothing which is branded by my business(Product). Making this product cost around £15 and I am selling it for £30 which is making a double profit!(Price). I had to find a place to sell these goods and if it is right to go there, I had to find my target audience as well. The right place I think was a place where people love shopping and love buying fancy clothes(Place).After time flies by, when I get the money I will make a TV advertisement for everyone to watch and see and also advertise my goods online. It'll make my business more popular and hopefully I will gain more money into my business(Promotion).
Product is the goods. The goods is what you made to sell for your business. Example for Apple there products are computer, phones, accessories etc.
It is simple, it is the the amount of money you are selling your goods. Example Iphones' are worth £400.
The place is basically where your going to sell your goods 'store'. For example the picture above is a store of the company 'Apple' is selling there goods.
Promotion is like making a bigger step towards your journey to a successful business. Examples are like making an offer on your goods 'sale' or an advertisement such as TV, online, leaflets all sorts.