The Marketing Mix
PRICE |
One of the biggest constraints - it must be made as cheaply as possible to create the biggest profit margin and make it value for money. However if the price is low it might give off the impression it's not a valuable product.
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PLACE |
PROCESS |
How will the product actually be made? Is the process sustainable? What is the cost to actually manufacture the product? These costs would then feed into the overall cost of the product.If using just in time production there could be savings here.
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PROMOTION |
This is often key to successful products - how is the product marketed? What would be the best methods of reaching the customers that would be most likely to buy your products? Ever noticed how TV advertisement changes depending on the type of day or the type of channel you watch e.g. adverts for food often appear between 3 - 7pm as many families will be getting ready to have food together - think "Mum, why don't we have chicken nuggets...?".
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PRODUCT |
PROPERTIES |
PHYSICAL EVIDENCE |
Any product or service paid for should always show the consumer that it has been received e.g. on your phone you will see the name of your network provider as you cannot see your phone network you need a symbol to show it's working and the service you have paid for is being received.
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