This page called "Solo Build It Marketing Mix" is about the marketing mix offered by SBI! A 4Ps marketing mix called Product, Price, Place and Promotion. The four Ps being the key factors of any successful marketing mix of a product or service.
A marketing mix described as a set of marketing tools with marketing objectives in a pre-determined target market. Four Ps, four angles 1) product policy and essential components, 2) price positioning, 3) distribution place and 4) product or service or brand promotion.
Products are physical and products and services are either physical or digital. Physical products include durable goods such as cars, furniture and computers as well as non-durable goods such as foods and beverages.
Physical services offered to a target audience include arts and entertainment, health care, professional and technical services, recreation, social assistance, scientific services, transportation and waste management.
As for digital products, they also target an audience and include software, online memberships, online courses aand ecommerce such as videos and ebooks. Online products and online services that vary significantly from one company to another.
The price is the amount of money consumers are willing to pay for a product or a service. Prices are based on the real or on the perceived value of a product or service and on how much it costs to create it and offer it.
Prices are based on competitors, on demand and on the amount of money consumers are willing to pay. As for expenses, they usually include labor, raw materials and consumable materials such as paper, pens, file folders, toner or ink cartridges.
The goal of a business is to place its products and services where consumers will most likely see them, buy them. As for place marketing, it is about trying to determine where products should be sold and how to deliver them to the market.
Place and placement both refer to the act of showing a product online, on television, in films, in retail locations or during trade shows and events. It also refers to placing a product in various stores, store displays and business videos.
Promotion includes advertising, public relations, and promotional strategy. The goal of a promotion is to reveal why consumers need a certain product or a certain service. Specific and accessible promotion meant to reach a specific target market.
Promotional strategies along with a mix of various types of promotions such as digital promotions, direct marketing, general advertising, personal selling, public relations, sales promotions and sponsorships.
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