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Marketing Mix Checklist

 

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Marketing Mix Checklist This Marketing Mix Checklist is created to help marketers and business managers who would like to guide their activities in creating workable marketing mixes for their companies. With a help of this checklist you will learn this conception and consider its elements.


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 1.  Overview:

  • Well-known as the Four P’s, the marketing mix elements include Product, Place, Price, and Promotion. The central point of this concept refers to finding a balance between these four ingredients making up a marketing mix working for you specific needs;
  • Each of these major four elements is consisted of smaller sub-elements making sub-mixes;
  • Product – it is a tangible object (or an intangible service) that is mass produced to be sold on the market to satisfy needs of target clients and bring certain incomes to producers and vendors. It is characterized by a set of qualities making it useful and desired, and it develops through the stages of Product Life Cycle (introduction, growth, maturity, decline);
  • Place – it is also known as a distribution channel or intermediary, so in other words it is the mechanism which makes the goods and services delivered from their manufacturers/service providers to the end user or consumer. You can consider the main channel intermediaries which can be embedded into a typical distributional mechanism in the dedicated section.
  • Price – the price is a value that a customer is ready to pay for the product or service. The business may operate the price of products according to situation to reach maximizing of income. There are a plenty of different pricing strategies that can be applied and some of them are explained in appropriate section of this checklist;
  • Promotion – represents the whole collection of communicative tools available to a marketer to approach and explore the marketplace;

2.  Product:

  • Brand name and Image;
  • Functionality and Featuring;
  • Styling and Appearance;
  • Quality and Added Value;
  • Safety and Ergonomics;
  • Packaging and Delivery;
  • Repairs and Support;
  • Warranty and Trial Periods;
  • Accessories and Service;

3.  Place:

  • Wholesalers – their role is to break down a “bulk” into smaller parties resaled by retailers (they buy big amounts from producers and resell to retailers by smaller lots);
  • Agents – agents are typically used at remote locations, including internationally, as they generate and secure orders for a producer (and will take a commission for their efforts);
  • Retailers – they give the final price to products/services, they promote and merchandise products, and they enable a great mass of private consumers to approach the product;
  • Internet – comparably cheap way to reach a geographically disperse market, enabling lower costs, easier procedure of payments, and lower barriers for selling your products everywhere;

4.  Price:

  • Premium Pricing for unique and luxury product/services;
  • Economy Pricing for highly-demanded products with low production costs;
  • Penetration Pricing for young products that are sold at decreased price until certain market share is occupied (then price may rise);
  • Product Line Pricing – a varying price range for selling principally the same product but offered in different editions and with different featuring;
  • Promotional Pricing which is applied to stimulate customers to buy (for example a well-know concept: “Buy One Get One Free”);
  • Product Bundle Pricing – the seller combines a set of related products into one package and tries to sell them at mixed price;

5.      Promotion:

  • Advertising of all kinds;
  • Coupons and discounts;
  • Demonstrations and ...


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