nullMarketing mix
Marketing mix
The marketing mix was first developed by McCarthy over 40 years ago. It was designed to suggest that you should have a balanced mix of marketing activities within your marketing plan. Elements of the marketing mix
Elements of the marketing mix
The 4 Ps - The main four elements of the marketing mix are described as "the 4 P's"
product
price
promotion
placenullProduct
Product
The first P is product. This should define the features and appearance of goods and services. Here are some examples of the product decisions to be made:
Brand name
Packaging
Warranty
Functionality
Brand name
Brand name
PackagingPackagingWarrantyWarrantyFunctionalityFunctionalityPrice
Price
The second P is the price of your product and decisions surrounding overall pricing strategies. Pricing can be a very complex area. Most people believe they should undercut their competitors but this is not always a wise strategy. nullConsumers place value on higher priced products so it's best if we test various pricing levels of our products and over time we'll find the right pricing level that maximizes our profits.
Even if we decide not to charge for a service it's useful to realise that this is still a pricing strategy.
Promotion
Promotion
The third P is about promoting your products and services. This may include
advertising,
personal selling sales promotions
Public Relations is also included within Promotion by many marketing people, although PR people tend to see it as a separate discipline. nullplace
place
The final P is about ‘place’ – the location where the service is actually going to be delivered. Many retailers will tell us it's all about "location, location, location" and this still holds true today. null
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