The marketing mix should be considered for both industrial and consumer goods.
When considering consumer goods, types to include are convenience, shopping, and specialty products.
Product decisions should involve:
- Analyzing the value of the product portfolio using the Boston Matrix
- Understanding the product life cycle model and extension strategies
- Considering the influences and value of new product development
Pricing decisions should involve penetration pricing and price skimming.
Promotional decisions should consider the value of branding.
Distribution channels should include multi-channel distribution.
Factors that influence an integrated marketing mix include:
- The product’s position in the product life cycle
- The Boston Matrix
- The type of product
- Marketing objectives
- The target market
- Competition
- Positioning
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