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What is the Marketing Mix?
What is the Marketing Mix?
Describes kinds of choices organizations have to make in the whole process of bringing a product or service to market, defined by 4 P's.
What are the Four P's of marketing?
What are the Four P's of marketing?
- Promotion (correct)
- Price (correct)
- Product (correct)
- Place (correct)
What is a product?
What is a product?
What the customer wants from the product/service and the needs it satisfies.
What does 'Place' refer to in the marketing mix?
What does 'Place' refer to in the marketing mix?
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What factors should be considered regarding 'Price'?
What factors should be considered regarding 'Price'?
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What is involved in 'Promotion' within the marketing mix?
What is involved in 'Promotion' within the marketing mix?
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Study Notes
Marketing Mix Overview
- The Marketing Mix consists of strategic choices organizations must make to effectively bring a product or service to market.
- It is defined by the Four P's: Product, Place, Promotion, and Price.
Four P's
- Product: What the customer desires in terms of needs and satisfaction.
- Place: The locations where customers seek out the product or service.
- Price: The value perception of the product/service and its pricing strategy.
- Promotion: How marketing messages are communicated to the target audience.
Product
- Understand customer objectives: Identify what customers want and what needs the product/service fulfills.
- Features and design: Determine the features necessary to meet customer needs, including size, color, and branding.
- Customer experience: Consider how customers will interact with and perceive the product.
- Differentiation: Define how the product stands out from competitors.
- Pricing strategy: Establish maximum price limits while ensuring profitability.
Place
- Distribution channels: Identify where buyers typically look for the product or service; options include specialty stores, supermarkets, online, or direct sales.
- Accessing channels: Assess whether to use a sales force or participate in trade fairs.
- Competitor analysis: Evaluate competitor distribution strategies for insights and differentiation opportunities.
Price
- Value assessment: Understand the perceived value of the product/service to the customer.
- Price sensitivity: Determine whether customers are sensitive to price changes, influencing market share and profit margin.
- Discount strategies: Plan discounts for trade customers or specific market segments.
- Competitor pricing: Analyze pricing strategies in relation to competitors for competitive positioning.
Promotion
- Communication channels: Determine effective media for marketing messages, including print, TV, radio, billboards, direct marketing, PR, and digital platforms.
- Timing: Consider optimal promotional times, accounting for market seasonality and environmental factors.
- Competitor promotions: Study competitors' promotional tactics to inform and shape your own strategies.
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