Marketing Mix (4 P's)

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Marketing Mix (4 P's) by Mind Map: Marketing Mix  (4 P's)

1. Place

1.1. Definition

1.1.1. Location and distribution channels from which product can be obtained

1.2. Marketing Specifications

1.2.1. Where to sell and advertise the product/service

1.2.2. What is the most convenient, effective location and strategy of distribution regarding the product

2. Product

2.1. Definition

2.1.1. Characteristics of product or service being offered

2.2. Marketing Specifications

2.2.1. What will appeal to target market

2.2.2. Product development and testing

2.2.2.1. Determine potential in marketplace

3. Price

3.1. Definition

3.1.1. How much customers will pay, pricing strategies

3.2. Marketing Specifications

3.2.1. Important to remember that customers often associate price with quality

3.2.2. Price must be set accordingly to cost, desired image and other factors

3.2.3. Prices must be feasible, so that customers are willing to pay

3.2.4. Monetary value placed on product/service

3.2.4.1. Many factors affect price such as costs, the economy, supply and demand, etc.

4. Promotion

4.1. Definition

4.1.1. How the product is communicated to customers

4.2. Marketing Specifications

4.2.1. Persuasive, continuous, relevant to target market

4.2.2. Way to promote, build and enhance company brand/image

5. 4 P's for Service Sector

5.1. People

5.1.1. Use of human capital (employees)

5.2. Process

5.2.1. Systems used to deliver product

5.3. Physical Evidence

5.3.1. Allows consumers to make a judgment on organization

5.4. Packaging

5.4.1. Look of a final product

6. Limitations

6.1. Cost

6.1.1. Business needs sufficient financial resources

6.2. Competition

6.2.1. Rival businesses will try to gain sales

6.3. New Technology

6.3.1. Use of internet to start viral campaigns