Idica Daniel C.
Mr. Jackson Tan, MBA
In marketing different terms are being discuss like brand equity, brand awareness, brand image, positioning, etc., and the most basic, advertising.
By the use of the marketing mix (Product, Price, Place, Promotion), you will be sure that your advertisement is good because it is already the visual representation of who are you, what do you offer, when do you offer the product, what is your product, and how much do you offer your product.
One of the 4P’s of marketing or Marketing Mix is the Product.
Product is the tangible good or the intangible service that is seem to meet a specific target market need or demand. All products has a product life cycle and it is important for …show more content…
Next Marketing Mix is the Promotion.
The marketing communication strategies/techniques are under this marketing mix. (Promotion) and all the videos we watch is an advertisement and all of it is under this marketing mix. Promotion includes advertising, promotions, special offers like discount, and the public relation. Whatever the channel use, it is necessary for it to be suitable for your product, the price and the target market/customer that is being marketed to.
Next Marketing mix is the Place.
Place has to do with how the product will be provided to the customer. The place strategy will help assess what channel is the most suited to a product. How a product is accessed by the target market/customer and also needs to compliment the rest of the product strategy. Because if you have the right product but you put in the wrong place it will not become profitable. For example your product is jacket and you’re trying to sell it in Egypt. I don’t think it would be profitable in that place. Because jacket’s usage is to fight the cold in your …show more content…
Through surveys, or FGD (Focus Group Discussion), there needs to be an identification of how important this selling proposition is to the target market/customer and whether they are intrigued by the offering. It needs to be clearly understood what the key features and benefits of the product are and whether they will help ensure sales.
Next is understanding the Consumer.
The product can be focused by identifying who will purchase it. All other elements of the marketing mix follow from this understanding. Who is the customer/target market? What do they need? What is the value of the product to them? If the entrepreneur knows this then it will ensure that the product is relevant and targeted.
Next is understanding the Competition.
We need to understand the competition because if we understand our competition. We will know that this competitor is good at this so I will create a competitive advantage that is not same with my competitor. For example, head and shoulder is a shampoo that is position as anti-dandruff, so if I make a shampoo product I will not consider to create a anti-dandruff shampoo product because for sure, I will only have small