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3.3 Markeyin mix - Coggle Diagram
3.3 Markeyin mix
Product
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New product development
Expensive, but vital for survival (brings competitive advantage).
R&D
Spending money on new products, involves science, imagination and marketing, aiming of generate ideas, invent new technology, make prototypes and test products with customers.
Branding
Use of a name, symbol or design to identify a particular product and help maintain or increase its sales.
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Packaging
Fifth ‘P’ (after product, price, promotion and place), is important in purchase decisions.
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Extension strategy
Increase market share, so product maintain in maturity rather than in decline.
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Place
Way in which a product is distributed. The product must get to customers at the right time, quantities and good condition.
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Promotion
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Aims
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Create, enhance or maintain a brand image.
Raise awareness, emotion or concern for an issue or product.
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Marketing budgets
Outlines how much money is allocated to the company’s marketing and on what types of market will be spent.