Marketing Mix

Marketing mix consists of 4Ps.

4PsProductPricePlacePromotion

Product

Three important things to have a successful product are:

To know about the customers

The appearance

The cost

To know about the customer

It depends on where they use the product, how they use it and what they like about the product.

Make sure that the product must be useful for different customers.

The appearance This will be the first

thing impact on the customer.

Make the customer curious

Try to show best the appearance and many useful functions of the product.

The cost

This is the main impact on the customer psychology.

A good produced at high cost is likely to be sold for a high price .

Price

Economy Pricing

This is a no frills low price. The cost of marketing and manufacture are kept at a minimum.

Penetration Pricing

We put the price low to get customers at the beginning and then maybe raise it later.

Price Skimming

Price skimming is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time. For example, MP3 player.

Premium Pricing

Premium Pricing means high price and high quality, such as diamonds, watches and cars.

Place

What role does it play in marketing?

Place is also known as channel, distribution, or intermediary

Companies have to make important decisions about where to sell their products. The two main decisions are:

Do we use direct or indirect channels?

Single or multiple channels?

Place refers to:

How the product arrives at the point of sale.

Where a product is sold.

So what is the difference between selling product in the big shops and luxury shops?

So which one is better for you to buy Rolex?

Promotion

Advertisement

Marketing Mix

Do you have any questions?