MindMap Gallery Marketing Mix Mind Map
This is a mind map that contains information about the marketing mix.
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Marketing Mix Mind Map
Product
- Definition
- Characteristics of product orservice being offered
- Marketing Specifications
- What will appeal to target market
- Product development and testing
- Determine potential in marketplace
Price
- How much customers will pay,pricing strategies
- Important to remember thatcustomers often associate price withquality
- Price must be set accordingly tocost, desired image and otherfactors
- Prices must be feasible, so thatcustomers are willing to pay
- Monetary value placed onproduct/service
- Many factors affect price such as costs,the economy, supply and demand,etc.
Place
- Location and distribution channelsfrom which product can beobtained
- Where to sell and advertise theproduct/service
- What is the most convenient, effective locationand strategy of distribution regarding theproduct
Promotion
- How the product iscommunicated to customers
- Persuasive, continuous, relevantto target market
- Way to promote, build andenhance company brand/image
Limitations
- Cost
- Business needs sufficientfinancial resources
- Competition
- Rival businesses will try to gainsales
- New Technology
- Use of internet to start viralcampaigns
4 P's for Service Sector
- People
- Use of human capital (employees)
- Process
- Systems used to deliver product
- Physical Evidence
- Allows consumers to make ajudgment on organization
- Packaging
- Look of a final product