Fifth: Development of the marketing mix. It talks about the relationship between product, place, promotion and price.
Product. Picking product or services are always the priorty in all the busienss. How does my product fit with my other products? how will I differential my product? and how does the product life cycle affect my plans, then differentiation, it might be due to features, fit , styling, reliability, packaging, sizes, service and brand naming.
Place. It means target markt, I have to choose an appropriate channel to fit with the product and the intended buyers. I learned I can use exclusive, selective or mass or intensive according to the size of my target market. After that, I can choose the channels of distribution, product specifics, need for control, and margin desired.
Promotion. We say sale. the promotion mission is inform about my product, prompt a need message, provide compelling message solve a need message, motivate action, increase usage, and reinforce brand or image, special promotions. Promotion is usually by advertising, personal selling, sales promotion(coupons, rebates, refunds, samples, premium, contests and sweepstakes and trade-directed sales promotions), public relations and publicity, direct selling.
Price. many ways to figure out your price, cost plus, perceived value to the consumer, skimming, penetration, the quality relationship, meet competition, meet profit goals based on the size of the market.
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