LESSON 2: MARKETING MIX

Marketing mix

Is a widely accepted strategic marketing tool that combines the original 4 Ps (product, place, price, promotion) with the additional 3Ps-people, packaging, and process-in formulating marketing tactics for a product or service.

Product

What product or service is the most appropriate for the opportunity, and why will customers buy or avail them?

Place

What location is best suited for the business where there are more potential customers? Can they conveniently transact on-site or online? How is the process or distribution of products or performance services?

Price

What is the most appropriate price, and what pricing strategies will be used for target customers?

Promotion

What is the most effective advertisement or combination of advertisements, and which advertising tool should be used to drive awareness and increase sales?

People

What type of people need to be hired? What are the basic skills needed for the job? What leadership style will be applied by the entrepreneur?

Packaging

What is the best packaging for the product that is attractive enough to customers and cost-efficient at the same time? What physical evidence does the entrepreneur need to set up so as to sell the service?

Processing

What is the most compelling feature of a product or the business that will make a difference in the lives of the customers? What sets the product or service from the rest?