Marketing Mix Strategy
The new-age marketer must craft a strategy that considers all of the 8 marketing mix P’s in order to develop a profit-yielding strategy. There’s no standard formula and marketers need to adapt their strategies using different permutations and combinations of the 8P’s to find out what works for their specific product, service and industry.
Here’s what’s included in this course:
Product – we explore the product development process and how by adding features and characteristics to products, we can make products more attractive to consumers. When managing a product strategy, marketers must determine the product lines and product mixes and manage each product through various stages of the product life cycle. Products also need to be branded, to create a unique name and image in the consumer’s mind.
Place – also known as distribution, this P involves ensuring that the product or service is easily available to the consumer through various distribution channels.
Promotion – the marketer needs to inform and convince consumers to buy the products and services that have been developed for them. Various marketing communication mix elements can be used including advertising, sales promotion, personal selling, publicity and PR, direct marketing and digital marketing.
Price – the marketer must set a price that the consumer will pay for the product or service. Pricing decisions are influenced by a range of factors such as the costs to make the product, transport and warehousing and the perceived value of the product in the eyes of the consumer. The aim for the marketer is to set prices that are attractive to the consumer while generating adequate revenue and profit for the organisation.
People, Process, Physical Evidence and Partnerships – these additional 4P’s have been added to address the service elements of the digital marketing environment.
By the end of this course you will know how to drive action through a well thought out marketing plan.