Marketing Mix

4 P's:

  1. Product

  2. Place

  3. Promotion

  4. Place

 

Product:

  • The Product is the item/service for sale.

Price:

  • Price is the value placed on a product. This is usually what a customer is prepared to pay.

  • You have to Cover Costs and have a profit margin.

  • Price will depend on your target market.

Promotion:

  • Promotion is all about getting the attention of the customer so the know about the product/service.

Different Types of Promotion:

  • Sales promotion - Using special offers to encourage customers to buy.

  • Personal Selling - Face to face or telemarketing.

  • Public Relations - Communicating with the media to get a positive public image.

  • Advertising - Sending messages to the customer to get them to want to buy the product/service.

Different Types of Advertising:

  • Persuasive Advertising - Convinces/Persuades people that they need a particular product or service.

  • Remind Advertising - Used to remind customers that a product or service is still available.

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