By Lanee’ Blunt
|The Four P's of Marketing--|
Marketing is very importantfor your business because it helps you attract new customers and keepsformer customers coming for repeat business. The marketing mix helps youdetermine how to satisfy your customers, and it can be planned, controlled andadjusted until you get the results that are best for your company.
Marketers use the marketingmix to create a value for their product. The elements in the marketing mix areproduct, place, price and promotion. The four-elements of the marketing mix areused and adjusted until the marketer gets the results that he wants. Forexample, pricing decisions are used in the form of cash discounts whichconvince customers to buy.
The product is analyzed forits ability to compete better than your competition. For example, quality andsafety can be used as a benefit. Price includes decisions that you would maketo price your product competitively. Place includes the distribution decisionfor example, how to reach your customers in what geographic location. Promotiondecisions are strategies that you will use to get more customers, such ascoupons and sales.
Business Dictionary:Marketing Mix
Net MBA: The Marketing Mix