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PRODUCT
‣ This is one of the most important parts of the marketing mix.
▸Your product needs to be different while having more value
than the other products similar to it on the market.
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PRODUCTS DIVIDED
▸There are goods and services that can be grouped together
under products.
▸Services: These are things that cannot be touched, but are
created by people. Some of the time these are considered
experiences.
▸Goods: tangible good that fill a human need.
▸In some aspects you can get provided a good and a service
at the same time.
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PRICE
▸Price for goods and services is very important.
▸How much are your customers willing to purchase this good
or service for?
▸There has to be a medium, meaning, enough that the
company is making a profit but low enough that people re
willing to purchase it.
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PLACE
▸As most people hear, location, location, location.
▸When producing a good, where you are producing is not as
important as what stores/retailers is it being sold at.
▸The company must ensure that it is easily accessible for the
customers.
▸It is also important they are selling enough to busier
locations and not as much product to less popular places.
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PROMOTION
▸If your product is not being advertised there is a chance it
can go unsold.
▸It is important that the product is getting out there on all
social networking sites, ads on television, Hulu, Instagram,
Twitter.
▸All these media outlets will help the product sell so much
quicker.
▸Marketing on the right platforms is key for success.
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PROMOTION CONTINUED
▸As individuals we have the ability to talk about things we like
and enjoy with the people we talk to.
▸A great way to promote product is also word of mouth.
▸If you have friends and family, and they all use this product
they are more apt to tell other people about it.
▸This is a great way without spending money to get your
product talked about.
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REVIEW
▸Price, place, product and promotion, these 4 things make up the
marketing mix. Things to remember from each of these things.
▸Price: pricing just right to make a profit but not too high that the product
doesn't sit on the shelves.
▸Place: making your product easily accessible to all possible consumers
▸Product: making sure the product is different then others on the market
to ensure it gets sold over things similar to it.
▸Promotion: spreading the word about the product on all platforms so
people hear of the product.
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MARKETING MIX
▸I think the 4 P’s is the foundation of marketing. It is so
important that every business needs to talk about this. Each
part of this will help the company succed.
