the marketing mix

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4 Terms

1
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product

the product itself has to meet the needs of customers and have the correct attributes and features that the customer wants

a successful business will differentiate their products from their competitors products

2
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place

the way in which a product is distributed

businesses have to consider the channel

3
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promotion

communication between the business and customers that make the customer aware of the product

  • advertising

  • sales promotion

  • sponsorship

  • public relations

4
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price

  • must reflect the value customers place on the product

  • high quality products have a price

  • customers are also willing to pay more for more special features

  • The price is very subjective because it depends on many factors