Principles of Marketing – The Marketing Mix.docx -...

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Principles of Marketing – The Marketing MixOne of the fundamental principles of marketing is the marketing mix. The marketing mixconsists of four different factors which businesses need to get right in order to successfully selltheir goods and services. The marketing mix is also known as the four p’s, and is as follows.Product – This is the first step of the marketing mix. Without a product, there is nothingto market! The product should aim to fill a gap in the market in some way or fulfill sometype of consumer need. The product should be designed according to consumer need anddesire.Price – The price of a product should be one which consumers are prepared to pay whilesimultaneously allowing the manufacturers to generate profit. Price is dependent upon thecost of product production, the desired level of profit, and also the price of competingproducts.Promotion – This refers to the methods a company uses to make consumers aware of and

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Term
Fall
Professor
NoProfessor
Tags
Marketing, radio commercials

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