The marketing mix is the unique combination of pricing, promotion, product offerings and distribution system (place) to reach a specific group of consumers (the target market).

Target Market – the customers who are most likely to buy the firm’s products. Also called target audience.

Product – is the firm’s goods or services they are selling. This includes not only physical unit, also package, warranty, and brand and company image.

Price – price is determined by demand for the goods and the cost of the goods. Examples of various pricing strategies: introductory prices, sale prices, odd pricing ($9.99 vs. $10.00).

Place/Distribution: How a product flows from producer to customer. Wholesalers link the producer of the goods to the customer.

Promotion: different elements that help increase the sale of the product. Examples: advertising, sales, public relations.

To learn more about the marketing mix view the below 3 minute video:

To better understand the marketig mix click on the below link to see a brief summary of the marketing mix for NIKE.

http://www.marketing91.com/marketing-mix-nike/

Group Discussion and post (10 minutes)

Discuss the following statement with your group and post your thoughts below. Read the other groups posts and comment on one of the groups responses.

Statement – Successful companies have different marketing mixes for different products.