Marketing mix TRY YO IMPROVE

1 idea PRODUCT PRICE

2 concepts and design PRODUCT PRICE

3 making a prototype and testing PRODUCT PRICE

4 make a draft product PRODUCT

5 test the draft product PRODUCT PROMOTION PRICE

6 change the product to be better PRODUCT

7 repeat until a solid product PRODUCT PROMOTION

8 make enough product (interchangeable) PRODUCT

9 find places to stock product (interchangable) PROMOTION PLACE

10 PROFIT?????

Price

Product

Promotion

Place

This is called the Marketing mix

PRODUCT: variety, options, service, warranty, quality, features

PRICE; discounts, finance, payment period, list price, mark up

PLACE distribution, coverage, transport, inventory

PROMOTION; digital marketing,sales, direct marketing, advertising

Diminishing returns...A farmer grows 200 pumpkins. Buys a new field, and adds an additional 400 pumpkins, so 600 pumpkins. But thats so much work so he hires some other people. 4 people exactly. This should speed up the process...however he must pay salaries. He must figure out how many people he needs, but keep making considerable profits. Optimal input, for the optimal output. An immoral way he could solve this is he could hire some children from a faraway country with lower minimum wage, so he can deploy as many people as possible for the cheapest price.