Developing the Marketing Mix
Category: Marketing
Once the company has decided upon its positioning strategy, it is ready to begin planning the details of the marketing mix. The marketing mix is one of the major concepts in modern marketing. We define the marketing mix as the set of controllable marketing variables blended by the firm to produce the response it wants in the target market. The marketing mix consists of everything the firm can do to influence the demand for its product.
The many possibilities can be collected into four groups of variables, known as the «four P’s»: Product, Price, Place, and Promotion[1].
• Product stands for the «goods-and-service» combination the company offers to the target
market.
Price stands for the amount of money customers have to pay to obtain the product.
Place stands for company activities that make the product available to target consumers.
Promotion stands for activities that communicate the merits of the product and persuade target
customers to buy it.
[1] Sometimes ‘Personnel’ is added as a fifth group (the staff’s skills, knowledge and attitude to meet the customers expectations).