Marketing Mix Mind Map

This is a mind map that contains information about the marketing mix.

Edited at 2020-10-08 06:06:41

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Marketing Mix Mind Map

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Outline

Marketing Mix Mind Map

Product

- Definition

- Characteristics of product orservice 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 thatcustomers often associate price withquality

- Price must be set accordingly tocost, desired image and otherfactors

- Prices must be feasible, so thatcustomers are willing to pay

- Monetary value placed onproduct/service

- Many factors affect price such as costs,the economy, supply and demand,etc.

Place

- Definition

- Location and distribution channelsfrom which product can beobtained

- Marketing Specifications

- Where to sell and advertise theproduct/service

- What is the most convenient, effective locationand strategy of distribution regarding theproduct

Promotion

- Definition

- How the product iscommunicated to customers

- Marketing Specifications

- Persuasive, continuous, relevantto target market

- Way to promote, build andenhance company brand/image

Limitations

- Cost

- Business needs sufficientfinancial resources

- Competition

- Rival businesses will try to gainsales

- New Technology

- Use of internet to start viralcampaigns

4 P's for Service Sector

- People

- Use of human capital (employees)

- Process

- Systems used to deliver product

- Physical Evidence

- Allows consumers to make ajudgment on organization

- Packaging

- Look of a final product