4:54 PM
Lanee' Blunt
By Lanee’ Blunt
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| The Four P's of Marketing-- svilen001 |
Marketing is very important
for your business because it helps you attract new customers and keeps
former customers coming for repeat business. The marketing mix helps you
determine how to satisfy your customers, and it can be planned, controlled and
adjusted until you get the results that are best for your company.
Marketers use the marketing
mix to create a value for their product. The elements in the marketing mix are
product, place, price and promotion. The four-elements of the marketing mix are
used and adjusted until the marketer gets the results that he wants. For
example, pricing decisions are used in the form of cash discounts which
convince customers to buy.
The product is analyzed for
its ability to compete better than your competition. For example, quality and
safety can be used as a benefit. Price includes decisions that you would make
to price your product competitively. Place includes the distribution decision
for example, how to reach your customers in what geographic location. Promotion
decisions are strategies that you will use to get more customers, such as
coupons and sales.
Reference:
Business Dictionary:
Marketing Mix
Net MBA: The Marketing Mix
Posted in: Marketing
