Marketing Mix

Product: The goods, services or ideas a business offers to meet customer needs and wants. Considerations include design, variety, sizes, brand name and quality, among others.
Price: The cost to purchase a product. Factors such as discounts, allowances, payment terms and credit terms can affect pricing strategy.
Place: Refers to the location and methods of delivering the product to the consumer. This includes distribution channels, inventory management, transportation, and fulfilment.
Promotion: Activities that communicate the features, advantages and benefits of a product, and persuade target customers to purchase it. Can include advertising, sales promotions, public relations and direct marketing.

Potential Marketing Mix Strategies

Differentiation: This strategy focuses on distinguishing the company’s product from competing products based on design, quality, or customer service.
Cost Leadership: This pricing strategy aims to become the lowest-price seller in an industry, often by achieving economies of scale.
Focus or Niche strategy: This targets a specific, usually small, segment of the market by understanding its unique needs and wants and developing a marketing mix to meet them.
Innovation Strategy: This works on creating new or improved products that offer unique features or superior benefits to the customers and rivals have not offered yet.

Remember, much of the effectiveness of the marketing mix will depend on the organisation’s understanding of their target market and the needs, wants and demands of its customers.