ByLanee’ Blunt
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| 4 Ps of Marketing Mix-- Duchessa |
Themarketing mix has benefits for a small business that wants to market theirbusiness. The marketing mix consists of the choices and decisions that abusiness must make to bring their product or service to the market. All smallbusinesses should spend a certain amount of their finances on marketing. Thereis some work to do to find out what your customers want and how your companycan produce the product or service at a price that will represent a value tothem.
Product
Yourproduct or service should be looked at in terms of how customers willexperience it. Think about the features and does it meet their needs. How isyour product branded? How are you different from your competitors?
Place
Accessthe right distribution channels to sell your product or service. Attend tradefairs, make online submissions, or should you send samples to customers.
Price
Picka price for your product or service that will add value to the buyer. How doesyour price compare with the competition?
Promotion
Promoteyour product or service to your target market. Reach your audience withadvertising, direct mail, TV or radio, and through public relations. Build awebsite. Look at your competitors and how they promote their business.
Themarketing mix is known as the 4 Ps because each ingredient affects the other.The marketing mix is the way in which a business uses price, product, place,and promotion to sell its product or service.
Reference:
Mind Tools: The Marketing Mix and 4 Ps
Tutor2u:The Marketing Mix