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Chapter 6

HEIP 144 Chapter Notes - Chapter 6: Marketing Mix


Department
Entrepreneurship and Innovation
Course Code
HEIP 144
Professor
Jay Smith
Chapter
6

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Marketing Mix and the 4Ps of Marketing
4Ps are the model for enhancing the components of the marketing mix
Way to take new product to the market
Heps define marketing options
“Marketing mix”: describes the different kinds of choices organizations have to make in
the whole process of bring the product/service to market
4Ps:
product/service
How is it branded
Features it needs to meet customer’s needs
What does the customer want from the product/service
Size and appearance
Most it can cost to provide it and still be sufficiently profitable
Place
Where do the customers look for it
What do competitors do
Access to distribution channels
Sales force
How you learn fromcompetitors
Price
Comparisons with competitors
Customer price sensitivities
Establish price points
Value of product/service
Offer discounts
Promotion
where/when to reach target market segment
How to reach audience through media
Review competitors promotion strategies
Find the best time to promote
Look for wider environmental issues that dictate promotion timing
Using the 4Ps:
Identify the product/service up for analysis
Answer the 4P questions
Asking why questions and what if questions for challenging the initial offer
Teest overall offer with customer
Continue to ask questions
Continue to review marketing mix
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