Determine the Marketing Mix is another very important part of building a business plan. The Marketing Mix is the balance of Marketing techniques required for selling the Product or items. Its components are often known as the four Ps:
Particularly the Price compared to your competitors is a most important part of Marketing. There are two possible Pricing techniques:
1. Market skimming - Pricing high but selling fewer.
2. Market penetration - Pricing lower to secure a higher volume of sales.
Product Promotions
Product Promotions may take the form of point of sale Promotion, advertising, sponsorship or other Promotions.
Targeting the Market and Making The Product appropriate to the Market segment you are trying to sell into.
Distribute Products
This area of the Marketing Mix is talk about how the Product is Distributed. Current trends are towards shortening the chain of Distribution.
There are those that now refer to another 3Ps bringing the total to 7! The other three are people, physical environment & process.
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Price Of The Product - Making Product - Product Promotions - Product Promotions
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