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    Marketing a New Product and Marketing mix

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    For your own organization (or another organization of your choice) describe a product or service sold.
    What is your marketing strategy?
    Who is your target market?
    Describe your marketing mix: product, price, promotion, and placement (distribution)

    Is your product worthy of the promotional message?

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    Marketing mix elements consists of 4Ps (price, product, promotion and placements). It entails the marketing plan of the organization/product. As per Mindtools, "'marketing mix' is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market."
    Hence, Marketing mix helps in defining the positioning of the product and other marketing elements. As per tutor2u, Marketing mix consists of :
    "Product - the product (or service) that the customer obtains
    Price - how much the customer pays for the product
    Place - how the product is distributed to the customer
    Promotion - how the customer is found and persuaded to buy the product"

    Socks Example:
    Socks have long been a necessity in day to day life to keep the feet warm and protected. However, now it has become a fashion symbol with a wide range of variety offered to the customers. A sock is an item of clothing worn on the feet. The foot is among the ...

    Solution Summary

    Solution explains the concept of Marketing a New Product