Marketing a New Product and Marketing mix
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 ...
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Solution explains the concept of Marketing a New Product