Marketing Mix
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1.The Marketing Mix is comprised of four elements. Discuss each of those elements. Once you have thoroughly discussed the composition of each element, fully analyze how those four elements come together to build a Marketing Strategy. Using that strategy, select a product and illustrate how you would use that Marketing Strategy to market your product.
The four strategy is product strategy, pricing strategy, distribution strategy and promotion strategy.
2.Analyze this statement. "Accounting ratios are to a business what blood tests are to an individual". Be sure to use examples to illustrate your analysis.
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1.The Marketing Mix is comprised of four elements. Discuss each of those elements. Once you have thoroughly discussed the composition of each element, fully analyze how those four elements come together to build a Marketing Strategy. Using that strategy, select a product and illustrate how you would use that Marketing Strategy to market your product.
The four strategies is product strategy, pricing strategy, distribution strategy and promotion strategy.
The product strategy refers to the physical product or service that is sold to the consumer. Where there is a physical product, the product refers to the brand, packing, and service that is given with the product. In case of a service, those conveniences that are part of the service are also included in the offering. The product strategy can involve adding features, improving quality, or using economies of scale to reduce costs.
The pricing strategy refers to the price that is charged to the customer. Pricing takes into account several factors, the cost o the product, the price at which there will be profit maximization, the prices being charged by competitors, and the expected response from competitors. In several markets the discounts offered play an important part of the price offering.
The distribution strategy refers to the channels of distribution that might be used to gain competitive advantage. These are the means of getting the product to the customers. The distribution systems are complex. The warehouse is where the products are ...
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