Sebastian Perrier

Once that the market has been segmented and the company has decided which target market to focus, it has to define the marketing mix with which to approach them. The marketing mix, or 4 P’s involves decisions regarding: the product (or service), price, promotion and place (distribution). The mix of this four variables should satisfy the needs of the target market while at the same time, allow the company to make a profit and beat competitors.

Marketing mix decisions:

• Product (use, manufacturing, brand name, quality, packaging, new product development, innovation, technological changes, use patterns, features and attributes, design, etc)
• Price (price list, discounts, payment terms, financing options, price match with segment chosen, manufacturing and selling expenses, % margins through supply chain, etc)
• Promotion (advertising, budget, media, ROI, promotional channels, pesonal selling, sales promotions, public relations, direct marketing, online promotion, etc)
• Place = distribution (location, inventories, wholesalers, distribution channels, logistics, methods of transports, permits, warehousing, order fullfilment, supply chain margins, etc)