When discussing marketing strategies, it is important to include the four "P's" to make the meeting complete. In further discussion, explanations of the marketing mix are as follows:
Product: A product is the need-satisfying offering of a firm including physical goods or services (e.g. a new car, a new soft drink, a sports team). The product also includes the features and benefits, quality level, accessories, installation, instructions, warranty, product line extensions, packaging, and branding of the product.
Price: The price is the amount of money that is charged for "something" of value. In determining price a firm must consider things such as cost to produce the product, objectives, flexibility, competitive pressures, return on investment, market pressures level over product life, geographic terms, discounts, and allowances.
Marketing Mix 3
Place: The place is the making of goods and services available in the right quantities at the right locations. It determining the place a firm must consider things such as objectives, channel type, middlemen, and kinds/locations of stores, transportation, storage, and managing/coordinating channels.
Promotion: Promotion is the communicating of information between seller and potential buyer or others. It involves considerations such as objectives, promotion blend, sales people, advertising, sales promotion, and... [continues]
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