The Maketing Mix Tool

In: Business and Management

Submitted By Martinem9
Words 650
Pages 3
The Marketing mix tool helps with structure when coming up with a product. The marketing mix consist of four important elements to plan and execute a product: Product, price, place and promotion. Products are goods, services or ideas that represent the needs or wants a consumer. The price of a product comes from how much the consumer is willing to pay for goods, services or ideas. The Placing is where you want to sell the product that reaches the right consumers. Promotion is how you are going to advertise your product. The 4 P’s of the marketing mix support each other. For creating a Product you have to make all decisions regarding your product like variety, quality, design, features, brand name, packaging, services etc. The tangible product I choose is cars. The product is interesting to me because where I live it really aims for the needs of consumers. In many places it aims for both needs and wants. According to CNN Toyota won the global sales for 2015. Toyotas market not only concentrates on one consumer but various. It is very diverse like the Welcab series automobile is design for people with disabilities and the elderly. The welcab series is wheelchair accessible and they can be driven by people who have no legs. Toyota reduces market-based risk because it reaches a wider market. When Toyota was founded in 1937 it was a local business and then it became a global company in the auto motive industry. The price is when the product is ready for sell, including discounts. This requires a lot of research from the competition environment. The price is the amount a customer pays for the product. Toyotas market pricing really demonstrates how the marketing mix is involve. They use Marketing-oriented pricing and value-based pricing. Toyota prices vary depending on many things like the line, model, type etc. The market oriented pricing is used depending on…...

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