Premium Essay

Market Mix

In: Business and Management

Submitted By arevolution24
Words 855
Pages 4
The marketing mix for the company will consist of four main factors: product, price, promotion and placement. Understanding this marketing mix should place the company in a prime position to excel. What the company has to do is research other companies should as the company that we are starting and gather and understand what has worked for them and what hasn’t. With the research that we want to do we shouldn’t fall to the same mistakes the companies before us fell too. Our research should be more like a market survey in which we can determine where the company will do better and also give us other determining factors for an overall successful company. The company will for example say we have 1 million dollars for the marketing mix that is available. The marketing team will determine how much of the money each section will get.

The company will also look at various companies that are in the same market as ours, and see if there are something’s that can be changed so that our products aren’t the same. Product modification is a very important part of starting the marketing mix. Before the company can grow we need to have a great product that will be useful for many people, weather it be personal or commercial use. The company wants our tools to be used from the everyday man/woman who wants to use tools at home, to companies who have tools available for their employees to big company tools. The tools we want to create have to be for everyone and anyone, we want to expand our market base therefore creating a tool that can be used by many will only help our company achieve the overall success we are trying to accomplish. With product modifications we have to be able to see what’s on the market and how we can change and improve the products for the customers. People are always looking for the next big and new thing.

Pricing will also have to be taken into...

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