Marketing Mix
Definition:
The marketing mix refers to the set of actions that a company uses to promote its product into the market. The marketing mix consists of the 4 Ps – Product, Price, Promotion and Placement.
Product:
This refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other sections of the marketing mix won’t help.
Price:
This refers to the value that the product is being sold for. It depends on the cost of production. Pricing can also be used to enhance the image of the product.
Promotion:
This is what methods of advertisement you will use. How much does the business intend to spend? Where do your closest competitors advertise, can you top …show more content…
This is selling a product directly from a store owned by the company of the product or products being sold. This will help people know exactly where they can get the certain product that they need. This will also improve sales but it is also very risky, as if the demand for the product changes then the business could lose sales and they will possibly go bankrupt after the purchase of a store that wasn’t needed in the long run. Or the product could be sole directly off of a website of the company, with direct delivery.
Life Cycle:
Coca Cola:
The life cycle of coca cola is probably the greatest ever known as there will always be a demand for the product. With the many different types of coke and new flavours there is still high demand for the item.
The design pf the product with its sugary flavour that gives you energy and it’s always a favourite of customers in any store or restaurant.
There have been many complaints about the amount of sugar in the product, so they decided to start making diet Coca Cola, and Coke Zero, for healthy options.
The price of the product can range from a bottle priced at €1 as it’s smaller or to €1.50 for a normal sized bottle then ranging up to €2.50 for a two litre
Definition:
The marketing mix refers to the set of actions that a company uses to promote its product into the market. The marketing mix consists of the 4 Ps – Product, Price, Promotion and Placement.
Product:
This refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other sections of the marketing mix won’t help.
Price:
This refers to the value that the product is being sold for. It depends on the cost of production. Pricing can also be used to enhance the image of the product.
Promotion:
This is what methods of advertisement you will use. How much does the business intend to spend? Where do your closest competitors advertise, can you top …show more content…
This is selling a product directly from a store owned by the company of the product or products being sold. This will help people know exactly where they can get the certain product that they need. This will also improve sales but it is also very risky, as if the demand for the product changes then the business could lose sales and they will possibly go bankrupt after the purchase of a store that wasn’t needed in the long run. Or the product could be sole directly off of a website of the company, with direct delivery.
Life Cycle:
Coca Cola:
The life cycle of coca cola is probably the greatest ever known as there will always be a demand for the product. With the many different types of coke and new flavours there is still high demand for the item.
The design pf the product with its sugary flavour that gives you energy and it’s always a favourite of customers in any store or restaurant.
There have been many complaints about the amount of sugar in the product, so they decided to start making diet Coca Cola, and Coke Zero, for healthy options.
The price of the product can range from a bottle priced at €1 as it’s smaller or to €1.50 for a normal sized bottle then ranging up to €2.50 for a two litre