Learn more about strategy with this collection
Conducting market research
Analyzing data to make informed decisions
Developing a product roadmap
Product: designing the products that customers want
- A product is something that someone wants or needs.
- A company designs products to meet these needs and wants.
- To design a good product, a company needs to understand the people who will use it, what they need and want the product for, and how they will use it.
- The company also needs to think about how the product will be perceived, what the after-sale service will be like, and what kind of support the customer can expect.
- The company needs to take into account the effect of costs on price and, consequently, on customers.
26
141 reads
MORE IDEAS ON THIS
Using the marketing mix
The Four Ps are a framework that businesses use to improve their products.
Marketing strategy must be coordinated across all aspects of the business, requiring marketing to be embedded into everything from product design to strategic direction.
In order to develop the right products a...
26
199 reads
Place: reaching customers
- Your product needs to be able to reach your customers, so you need to think about how it will get to them.
- You also need to think about how they will find out about your product and where they will look for it when they want to buy it.
- There might be some things that make i...
25
125 reads
Promotion: making people aware of the product and enticing them to buy
- To do this, businesses need to figure out when and how to appeal to potential customers.
- They also need to know what type of promotion or incentive will work best to get people to buy their product.
- To create a successful advertising campaign, businesses need to understand th...
25
89 reads
Overview
When it comes to marketing, there is no one-size-fits-all solution. The most successful businesses tailor their marketing mix to their specific products and target audiences. The marketing mix consists of four key elements: product, price, place, and promotion. By careful...
26
244 reads
Takeaway
- A marketing mix is a tool that can be used to help create a marketing plan.
- The marketing mix includes the 4Ps: product, price, place, and promotion.
- Each of these elements can be used to help create a successful marketing plan.
- By carefully considering each of the 4P...
23
100 reads
Price: setting the right price
- The right price is the one that meets the needs of the customer while also making a profit for the company.
- To find the right price, companies consider how much the customer is willing to pay, what prices competitors are charging, and how demand will change at different prices.
25
106 reads
CURATED FROM
IDEAS CURATED BY
The marketing mix is a combination of elements that influence a company's marketing strategy. It includes aspects such as product, price, place, promotion, and people. The marketing mix is also known as the 4Ps.
“
Related collections
Other curated ideas on this topic:
The Story Strategy Blueprint
It ensures that the needs and wants of your customer remain front and center as you develop products and services and make plans to bring those ideas to life.
- Step 1: Story: Think about who the customer is beyond the basic demographic information. Des...
6 common pricing strategies for small businesses (part 1)
- Cost-plus pricing: You make the product, add a fixed percentage on top of the costs, and sell it for the total.
- Competitive pricing: It refers to using competitors’ pricing data as a benchmark and consciously pricing your products below theirs.
Product Design: A Primer
Product design is the process of creating products that offer solutions to a problem in a specific market. Successful product design both serves a business and incorporates users’ needs. Product design includes digital tools, experience design, and physical products.
Product design’s found...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates