Marketing Mix = 4 Ps.
Market Mix is elements of marketing plan and analysis process to identify the target market. It should be described in Product Requirement document.
- Product: Goods or Service
- Price: Should be set to gain revenue but be competitive in the market
- Promotion: Advertizing, PR, sales promotion (coupons etc) - communication with customers.
- Place: market place, segment, for example, customers’ age, { consumer/enterprise/government/organization }, geographical place – sold to where?
Example:
- Product: Data center core routers
- Price: Must be competitive - Given in per port (1,10,100GBps) price
- Promotion: Partner Program with Resellers, Technical support, benchmark support.
- Place: World wide. Enterprise, government, school campus, internet providers, research organizations (HPC customers – high performance computing)
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