In this course, we will explore the concept of the marketing mix and its importance in achieving marketing objectives. We will delve into the four P's of marketing - Product, Price, Place, and Promotion - and how they can be effectively combined to create a coherent marketing strategy.
The marketing mix is a combination of factors that can be controlled by a company to influence consumers to purchase its products. It consists of the 4 P's:
1. Product: What you are selling
2. Price: How much you are selling it for
3. Place: Where it is being sold
4. Promotion: How you communicate about it
A coherent marketing mix is crucial for achieving marketing objectives. It ensures that all elements of marketing are aligned and work together to deliver a consistent message to consumers. This can lead to increased sales, improved brand recognition, and customer loyalty.
In this lesson, we will analyze how a selected organization develops a marketing mix for a new product. This will provide practical insights into how the theory of the marketing mix is applied in real-world scenarios.
To consolidate your learning, you will be given the opportunity to develop a marketing mix for a hypothetical new product or service. This will allow you to apply the concepts learned in the course and gain hands-on experience in developing a coherent marketing mix.
By the end of this course, you will have a solid understanding of the marketing mix and how to develop a coherent marketing strategy for a new product or service. This knowledge will be invaluable in helping you achieve your marketing objectives.