Providing Value to Customers

LEARNING OBJECTIVES

1. Identify the four Ps of the marketing mix.
2. Explain how to conduct marketing research.
3. Discuss various branding strategies and explain the benefits of packaging and labeling.

After identifying a target market, your next step is developing and implementing a marketing program designed to reach it. As Figure 9.4 "The Marketing Mix" shows, this program involves a combination of tools called the marketing mix, often referred to as the "four Ps" of marketing:

1. Developing a product that meets the needs of the target market
2. Setting a price for the product
3. Distributing the product – getting it to a place where customers can buy it
4. Promoting the product – informing potential buyers about it

Figure 9.4 The Marketing Mix

The goal is to develop and implement a marketing strategy that combines these four elements. To see how this process works, let's look at Wow Wee Toys' marketing program for Robosapien.Information in this section was obtained through an interview with the director of marketing at Wow Wee Toys Ltd. conducted on July 15, 2004.

 This text was adapted by Saylor Academy under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensor.