We already know that the Marketing Department has a very important role in the company. Maybe it’s also necessary to think how you need to set up the right marketing mix.
The Marketing mix show us the basic elements of a marketing strategy. There are 4 P’s in the marketing mix. That are price, product, place and promotion. Not every company has the same accent, there are companies that find the price the most important P but that depends on their strategy choice.
- · Price : You can choice a particular way to price your product. There is penetration pricing (to reach a big part of the market) , economy pricing (the lowest price ), price skimming, product line pricing.. The way you chose depends also on the type of company you are, a low-cost or a high-level company.
- · Product: Here they use different methods to do research on the products. A very known method is the product life cycle. Through the different stages in the product life cycle the marketing situation changes. You have 4 different stages: introduction, growth, maturity, decline. Each stage has his typical features.
- · Place: The place of the marketing mix is the way of distribution of the product but also the place where the customer can buy the product.
- · Promotion: With promotion the marketing mix means the way of communicating with the (possible) customers. There are different ways to reach the people, but the best known is through advertisement.
Nowadays there are people who suggest a marketing mix with more P’s. They think there are three more P’s, that model names ‘the Extend marketing mix’. The extra P’s stand for people, process and physical evidence.
Despeghel An-Sofie
Despeghel An-Sofie
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