The marketing mix is a combination of the 4 Ps: product, price, promotion, and place.
Product involves the quality, design, packaging, and brand. Price includes retail price, discounts, payment plans, and credit terms. Promotion encompasses advertising, personal selling, public relations, and emails. Place refers to distribution methods like retail locations, delivery, and downloads. The marketing mix should be adapted to the target market.
For example, a high-end hamburger could be marketed differently than a vegetarian burger or a product for someone at sea.
Understanding the target market helps tailor the 4 Ps effectively.
Vocabulary:
• Combination - a mixture or blend of different things.
• Promotion - activities to advertise and sell a product.
• Place - the distribution methods for a product.
• Quality - the standard of something as measured against other things.
• Packaging - the materials used to wrap or protect goods.
• Brand - a name, term, design, or other feature that identifies a seller's products.
• Retail - the sale of goods to the public in relatively small quantities.
• Discounts - a reduction in the usual price.
• Payment plans - a way of paying for something in installments.
• Credit terms - the conditions under which credit is given to customers.
• Advertising - the activity of producing advertisements for commercial products.
• Personal selling - direct interaction between a sales representative and potential customers.
• Public relations - managing the spread of information between an organization and the public.
• Distribution - the process of making a product or service available for use or consumption.
• Target market - a particular group of consumers identified as the recipients of a marketing campaign.
• Adapting - making something suitable for a new use or purpose.
• Waterproof - impervious to water.