It is the only revenue generating avenue in the marketing mix. Price: The cost of a product can influence the product’s image and likelihood of purchase. Can cover two areas, including 1) channels of distribution such as wholesalers and retailers handling products between manufacturers / producers and consumers and 2) physical distribution such as inventory control facilities, warehousing, and transportation of products. Place: Refers to where the product is available in the marketplace. Included are objects, people, places, services and ideas. Product: Anything tangible or intangible that is offered for attention, acquisition, use, or consumption that is capable of satisfying needs. In doing this, you should reach your target market.Īre you considering each of these four P’s when you plan your business objectives? Together, the product, place, price, and promotion of a store, service, or product should satisfy customer’s needs and company’s objectives. The marketing mix consists of product, place, price, and promotion. To help you find a balance of how to address all the ways in which you can market your store, service, or product, you need to first understand what makes up the marketing mix. There are multiple layers that need to be addressed to ensure a successful marketing campaign, whether small or large. Marketing any product or service can be demanding.
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