Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.
Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods or services that are offered to the targeted customer/audience.
Price - Price is the amount of money consumers have to pay to acquire the product. This can vary considerably.
Place- place labels where and how the consumer can obtain the product. Tesco has stores all over the country but place does not have to be a physical location. Nowadays customers can obtain products online, thorough TV or phone called. Companies have to choose the best method carefully to ensure consumers can find their product in an appropriate place.
Promotion- Promotion describes the activities undertaken to ensure the consumer knows about the product and its capabilities. It usually combines advertising sales promotion, public relations and personal selling.
Coca Cola New soft drink.
I have created a new Idea Coca Cola could use as a new soft drink I be explaining who are my targeted audience are , where and how they should sell the new product, how much it should be sold for and a design on what the product should look like.
Market segmentation- ‘’ market segmentation is the technique used to enables a business to target the needs of different customers. It is about identifying the specific needs and wants of customers