Providing Value to Customers

The Marketing Mix

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Here's another perspective on marketing and the marketing mix. Once you're finished, try the exercises to test your understanding and apply your knowledge.

After identifying a target market, your next step is developing and implementing a marketing program designed to reach it. As Figure 9.4 "The Marketing Mix" shows, this program involves a combination of tools called the marketing mix, often referred to as the "four Ps" of marketing:

Developing a product that meets the needs of the target market
Setting a price for the product
Distributing the product – getting it to a place where customers can buy it
Promoting the product – informing potential buyers about it

Figure 9.4 The Marketing Mix

The Marketing Mix, a marketing strategy combines four elements product, price, place and promotion

The goal is to develop and implement a marketing strategy that combines these four elements. To see how this process works, let's look at Wow Wee Toys' marketing program for Robosapien. Information in this section was obtained through an interview with the director of marketing at Wow Wee Toys Ltd. conducted on July 15, 2004.

This text was adapted by Saylor University under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensor.

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