Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods. A marketing strategy is composed of several interrelated components called the marketing mix. The Marketing mix consists of data to a series of product and customer related matters.
- The segments of customers
- Products to be designed for the selected customers
- Product features uniquely targeting this market
- Packaging of l the products
Pricing is a quantitative expression of the value of the product to the customer.
Pricing should be designed like a feature consistent with the use of the product.
- Price of the product
- Payment method
- Channel – direct, wholesale or retail channels best moves and delivers the product and its benefits to the selected market.
- The message that states the purpose and benefits of the product in the market and how it competes
- Direct, indirect or through others
- Product, showing customers how it can be useful, and persuading them to buy
The actual selling process breaks down into two components called the decision making unit (DMU) and the decision making process (DMP). The DMU) consists of all of the people who will play a role in the decision to purchase a product. The marketing mix program must understand the needs of each of these individuals and find a way to communicate the marketing message to each of them. These people are typically identified as:
Buyer – the person who actually pays.
Decider – the person or group that actually says this is the product we want.
Influencer – who helps the decider decide – example the press.
The people included in the decision making unit (DMU) interact to make the purchasing decision. The (DMP) is a description of this interaction. By understanding this process a salesperson can best understand who, how, and when to work on getting the customer order.