By Lanee’ Blunt
|The Four P's of Marketing--|
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.
Business Dictionary: Marketing Mix
Net MBA: The Marketing Mix