Marketing Mix

SYNOPSIS

MARKETING MIX

The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of marketing plan also known as the four P’s the marketing mix elements are price, product and promotion

PRICE

The price is the amount of money charged for a product or service or the value exchanged for the benefits of the product or service. For a new product you must understand your positioning before you set a price. Make sure it is not too low, or the product will not take the risk. There are many ways to price a product

Place

Another element of Neil H. Borden’s Marketing Mix is place. place is also known as channel, distribution or intermediary .it is the mechanism through which goods and services are moved from the manufacturer /service provider to the user or consumer

PRODUCT

For many a product is simply the tangible, physical entity that they may be buying or selling.

The product life cycle (PLC) is based upon the biological life cycle. For example a seed is planted it begins to sprout it shoots out leaves and puts down roots as it becomes an adult , after a long period as an adult the plant begins to shrink and die out.

The customer life cycle (CLC) has obvious similarities with the product life cycle (PLC) however CLC focuses upon the creation of and delivery of life time value to the customer, looks at the products or services that customers need throughout their lives.

PROMOTION

Another one of the 4Ps is promotion .this includes all of the tools available to the marketer for marketing communication. as with Neil H. Borden Marketing mix , marketing communications has its own promotions mix think of it like a cake mix , the basic ingredients are always the same ,However if you vary the amounts of one of the ingredients , the final outcome is different.

PHYSICAL EVIDENCE.

Physical evidence is the materiel part of service. Strictly speaking there are no physical attributes to a service, so consumer tends to...