The Marketing Mix, (in the Marketing Plan) continues our endeavours in writing a business plan. The Business Marketing Plan focuses on Product, Promotion, Price and Place, part of your Marketing Strategy and Marketing Goals.
1. Product
This section gets you to take an in-depth look at your product. It looks at the full product line, the features of the products and any special benefits that your competitors don’t have. It looks at the products place within the product lifestyle. It considers the implications of packaging, in terms of functionality, branding, labelling and the information it is passing to the customers.
2. Promotion
Promotion is about getting information out to your target market regarding you product, your product line, your brand and even your company.
Through advertising you want to inform people about your product or service and entice them into buying your product and nobody elses. You need to show your potential customers that your product will meet their needs.
3. Price
This is how much a customer will pay or does pay for a product. When looking at pricing a product you need to consider what the competition is charging, what your production costs are, what your product identity is and how the customer will see the value of your product.
4. Place
The ‘Place’ is the location of your business. For some businesses location is more important than others. Also known as the Distribution Channel we have looked at this earlier in the Marketing Plan. It is where you intend selling your product.
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