Back to: Marketing SS3
Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Marketing class, we will be learning about Marketing Mix I
Marketing Mix I
When we talk about marketing mix, first try to worry not about the grammars but focus on this: Four Ps. As long as you can remember the letter P and the number 4, you are good to go!
Now, let’s define marketing mix using the marketing grammar.
Marketing Mix often refers to a common classification that began as the four Ps: product, price, placement, and promotion.
This includes multiple areas of focus as part of a comprehensive marketing plan.
Marketing Mix helps reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic decisions when launching new products or revising existing products.
Let’s take a look at the first two Ps.
Product
This represents an item or service designed to satisfy customer needs and wants. To effectively market a product or service, it’s important to identify what differentiates it from competing products or services. It’s also important to determine if other products or services can be marketed in conjunction with it.
For instance, if you wish to start selling handcrafted bags, you identify what differentiates your product from competing products or services.
Price
The sale price of the product reflects what consumers are willing to pay for it. Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on consumers’ perceived quality or value is known as value-based pricing.
In summary, Marketing Mix focuses more on a common classification that began as the four Ps: product, price, placement, and promotion.
Evaluation
Explain what you understand by marketing mix.
Reading Assignment
In describing marketing mix, there are four essential Ps you must focus on. List them.
Weekend Assignment
Explain the difference between product and price
We hope you enjoyed today’s class. In our next class, we will be learning about Marketing Mix II.
Let us know your thoughts and questions in the comment section, and we will attend to them as fast as we can.
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