Your marketing mix is made up of the following four elements:

• PRODUCT STRATEGY
• Your product strategy should answer the following questions:
  • What do customers want from the product or service?
  • What needs does it satisfy and with what features?
  • How is it different from competitors?

   

• An example of a product strategy for a bakery is:

• PRICING STRATEGY

Your pricing strategy should:

• Consider what your customers are willing to pay
• Cover all costs plus a sufficient margin
• You can charge more than competitors if your product is unique

An example of a pricing strategy for a bakery is:

• PLACE STRATEGY

Your place strategy should answer the following questions:

• Where do customers tend to look for your product?
• What are the most appropriate distribution channels?
• What do competitors do and how can you learn and differentiate from them?

An example of a place strategy for a bakery is:

• PROMOTION STRATEGY

Your promotion strategy should answer the following questions:

• Where and when to communicate?
• When is the best time to promote?
• What do competitors do and how can you learn from them and differentiate yourself?

An example of a promotion strategy for a bakery is: