Question

Describe your favourite product or service and it’s Marketing Mix, i.e the 4 P's as they apply to your product and explain Why is the Marketing Mix effective for your favourite product or service? How does it work? 4 para max

Answer 1

MARKETING MIX

The marketing mix is a crucial tool to help understand what the product or services can offer and how to plan for a successful product offering . the marketing mix is most commonly executed through the 4ps of marketing price ,product ,place and propmtion .

Product has a vital role in developing the strategy for the overall marketing mix which includes place,price and promotion .through a definition of the products feature and benefit ,the rest of the marketing mix element are determine and agreed upon.

the services marketing mix is a combination of the different elements of services marketing that companies use to communicate their organisation and brand message to customers .the mix consists of the seven p's product ,pricing ,place ,promotion ,people ,process and physical evidence .

the marketing mix can be divided in to four group of variable commonly know as the four ps product the good and services offered by a company to its customer . price : the amount of money paid by customer to purchase the product.

4PS OF MARKETING MIX

PRODUCT

a product is a good or services that a business owner provides for sale to his target market .when it comes to developing a product ,the design ,quality ,feature and custmer service sholud be considered .

PLACE

this is with regard to location ,distribution and way of delivery the product to the customer . the place may include the location of your business ,distributiors and logistics .

PROMOTION

Promotion is all about the act of communicating the value and benefits of your product to your customer .it involves the use of different method ,such as direct marketing ,sale promotion and personal selling to persuade customer to your business.

PRICE

the price is the amount of money that customer have to pay to purchase product or avil of services .these include discounting, price setting and cash or credit purchasing .

MARKETING MIX EFFECTIVENESS

An effective marketing mix must meet customer needs better than competitors. various elements of the marketing mix must be in sync with one another .it must also be mindful of the company resources .

marketing effectiveness is the measure of how effective a given marketer's go to market strategy is toward meeting the goal of maximizing their spending to achieve positive result in both the short and long term .it is also related to marketing ROI and return on marketing investment.