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Lanee' Blunt
By
Lanee’ Blunt
 |
| 4 Ps of Marketing Mix-- Duchessa |
The
marketing mix has benefits for a small business that wants to market their
business. The marketing mix consists of the choices and decisions that a
business must make to bring their product or service to the market. All small
businesses should spend a certain amount of their finances on marketing. There
is some work to do to find out what your customers want and how your company
can produce the product or service at a price that will represent a value to
them.
Product
Your
product or service should be looked at in terms of how customers will
experience it. Think about the features and does it meet their needs. How is
your product branded? How are you different from your competitors?
Place
Access
the right distribution channels to sell your product or service. Attend trade
fairs, make online submissions, or should you send samples to customers.
Price
Pick
a price for your product or service that will add value to the buyer. How does
your price compare with the competition?
Promotion
Promote your product or service to your target market. Reach your audience with
advertising, direct mail, TV or radio, and through public relations. Build a
website. Look at your competitors and how they promote their business.
The
marketing 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
Posted in: Marketing
