Marketable
A marketing mix (alternatively known as product model, marketable compound, and, when already marketed, marketed compound; hereinafter, the Mix) is a model representing distinguishable components of any marketable. In other words, the Mix is a combination of components of a marketable that a business controls in order to influence consumers to purchase this marketable.
Contents
Components
Deliverable
deliverable, which can be divided in an unpackaged deliverable and packaging
Delivery
- Product delivery. The action of delivering marketables either ordered or for sale. Delivery personnel may be incorporated and important for this delivery.
Charge
- Product charge. A payment asked for a marketable. Not only its price, but also financing and acceptable payment methods may be incorporated in and important for this charge.
One-way communication
- Product presentation. The proffering or giving of a marketable to its potential consumers, particularly, through product manuals, official website, and public relations. Branding is the marketing practice of creating a name, symbol, or design that identifies and differentiates a marketable from other marketables.
Tools
Several business tools are used to capture the Mix in marketing products.
The 4P's
- Product refers to the deliverable that its seller offers for sale. This may include its features, benefits, style, design, branding, packaging, services, warranties, guarantees, life cycles, investments and returns.
- Price refers to the total cost to customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort spent in acquisition. The product charge such as list pricing, discount pricing, special offer pricing, credit payment or credit terms".
- Place is defined as the "direct or indirect channels to market, geographical distribution, territorial coverage, retail outlet, market location, catalogues, inventory, logistics and order fulfilment". Place refers either to the physical location where a business carries out business or the distribution channels used to reach markets. Place may refer to a retail outlet, but increasingly refers to virtual stores such as "a mail order catalogue, a telephone call centre or a website".[24]
Promotion refers to "the marketing communication used to make the offer known to potential customers and persuade them to investigate it further".[24] Promotion elements include "advertising, public relations, direct selling and sales promotions."
