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Marketing Mix. There are four Ps to the marketing mix. They are product, price, place and promotion.

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Introduction

Marketing Mix Kotlers definition of marketing mix - The set of marketing tools that the firm uses to pursue it's marketing objectives in the target audience. There are four P's to the marketing mix. They are product, price, place and promotion. The Product is something that has features on it that suits your customer to his or hers needs and wants. The price is decided on the quality of the product. The place is where the product is sold and distributed. The promotion is the advertisement for where and what a product is. Products There are four different levels of a product. They are core product, actual product and the augmented product. The core product is all the benefits that a product could bring to a customer and if they will want it. The actual product is the item itself. It's if it is branded by a good business or if it has features that other products similar to it don't have. The augmented product is any additional things that you can get from a product such as free delivery and warranty. ...read more.

Middle

The next step is to determine demand; this is when they decide whether or not to make the price higher or lower. The next step is to estimate cost, this is figuring out how much everything will cost such as promotion and distribution. The next step is to analyze competitors such as the price for their products and the cost for the business. The next step is selecting a pricing strategy this strategy explains itself. The final step is to select a final price, this is when they decide a price and test it out. There are seven parts to the pricing strategy. They are skimming, penetration, premium, captive product, economy pricing, psychological and product line. Skimming is a high price that skims the top of the markets price. Penetration is when they introduce a new product at a low price to get buyers interested. Premium is a price that is set high so it makes customers thinks its high quality and luxury. Captive product is when the products are for a business and are sold to a business by suppliers. ...read more.

Conclusion

It starts with attention, then interest, then desire and finally action. This kind of promotion is dependant on what stage they are in the products life style, their competition, the marketing budget and their target market. They will need those four things to make AIDA successful. There are four parts to the promotional mix that are very important. They are advertisement, sales promotion, personal selling and public relations. Advertisement is a paid form of promotion. It is used to try and persuade a customer or potential customer to buy their product. Sales promotion is a boost for the product it is when a business offer coupons or loyalty cards so that when they try the product and like it will come back for more. Personal selling is where a seller shows the customer the product perhaps face to face, over the phone or a video call. The business will have to train staff to be able to do this. Public relations is the image of the business. It is based on what the customers think of the business. The business might get the media to say something to promote them better such as saying they have gone more eco green than ever to get customers to buy the product. ...read more.

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