Marketing Mix

Topics: Marketing Pages: 2 (417 words) Published: November 10, 2008
The Marketing Mix and 4 Ps
The 4Ps are:
Product (or Service)
A good way to understand the 4 Ps is by the questions that you need to ask to define you marketing mix. Here are some questions that will help you understand and define each of the four elements: Product/Service

What does the customer want from the product/service? What needs does it satisfy? •What features does it have to meet these needs?
Are there any features you've missed out?
Are you including costly features that the customer won't actually use? •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?
How is it differentiated versus your competitors?
What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below). Place
Where do buyers look for 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? •What do you competitors do, and how can you learn from that and/or differentiate? Price

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? •What discounts should be offered to trade customers, or to other specific segments of your market? •How will your price compare with your competitors?

Where and when can you get across your marketing messages to your target market? •Will you reach your...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Marketing Mix Essay
  • Essay on Marketing Mix
  • Marketing Mix Essay
  • MArketing mix Essay
  • The Marketing Mix Hard Rock Cafe Essay
  • Essay about Marketing Mix and Pestle Analysis of Mcdonalds in India
  • 4p's of Marketing Essay
  • P6: Develop a Coherent Marketing Mix for a New Product or Service Essay

Become a StudyMode Member

Sign Up - It's Free