Marketing Mix Mind Map

Marketing Mix Mind Map
Product
- Definition
- Characteristics of product or
service being offered
- Marketing Specifications
- What will appeal to target market
- Product development and testing
- Determine potential in marketplace
Price
- Definition
- How much customers will pay,
pricing strategies
- Marketing Specifications
- Important to remember that
customers often associate price with
quality
- Price must be set accordingly to
cost, desired image and other
factors
- Prices must be feasible, so that
customers are willing to pay
- Monetary value placed on
product/service
- Many factors affect price such as costs,
the economy, supply and demand,
etc.
Place
- Definition
- Location and distribution channels
from which product can be
obtained
- Marketing Specifications
- Where to sell and advertise the
product/service
- What is the most convenient, effective location
and strategy of distribution regarding the
product
Promotion
- Definition
- How the product is
communicated to customers
- Marketing Specifications
- Persuasive, continuous, relevant
to target market
- Way to promote, build and
enhance company brand/image
Limitations
- Cost
- Business needs sufficient
financial resources
- Competition
- Rival businesses will try to gain
sales
- New Technology
- Use of internet to start viral
campaigns
4 P's for Service Sector
- People
- Use of human capital (employees)
- Process
- Systems used to deliver product
- Physical Evidence
- Allows consumers to make a
judgment on organization
- Packaging
- Look of a final product
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