The Marketing Mix consists of creating the right balance of product, place or distribution, promotion, and pricing that will end up producing a satisfactory result. We will examine these main processes that make up marketing activity. The opportunity you are pursuing and the needs and characteristics of the individuals you are going to serve will influence your decision in selecting the right mix. Products can be classified into categories and differentiated from one another to make it easier for the consumer to make a buying decision. We will then discuss the various considerations you need to examine in deciding how your product will get to the final consumer. We will also discuss the various methods of communicating to your target audience about what they can buy, where they can buy it, and for how much. Finally, we will look at ways in which prices can be set and the implications of setting the price.
- List the components of the marketing mix
- Review the stages in the life cycle of a product
- Recognize the types of products
- Identify the kinds of distribution channels
- Review the advantages and disadvantages of different promotional strategies
- Identify the different prices that buyers pay for products
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