Marketing MIX

Question 1

4 Ps def

Answer 1

The 4 P’s (also known as ‘marketing mix’) is a concept in marketing that a company uses to promote its brand or product and push it in the target market

Question 2

Product

Answer 2

Product:
it’s imperative that we state what our product is and what makes it unique before we can successfully market it

→ features and benefits of the product/service, target market, demand, packaging, design, branding, Quality: Nikes shoes… great desing, confortable

Question 3

Price

Answer 3

Price:
thinking about positioning our product; considering how it compares with competition, likely effects of lowering/raising the price

Question 4

Place

Answer 4

Place:

where you can buy it, distribution channels (retailer, online, wholesaler)

Question 5

Promotion

Answer 5

Promotion:
includes elements to advertise the product, to communicate the benefits and encourage sales (specialist journal e.g. medical journal, trade fairs, tv-spot, advertisement, banner…)