Overview:
The marketing mix is a key set of tools within the microenvironment, which helps an organization produce the response it wants from their target market. Its made of up the 4Ps, which include product, price, place, and promotion. When these four factors are aligned properly, they play an important role because it encompasses everything an organization can do to deliver customer value and engage consumers.
Simulated Business Scenario:
Zihan is a baker who is planning to start his own business and open a bakery in his hometown in Connecticut. Her has spent a lot of time and effort perfecting the cookie recipe , which she has been making over the years from a family recipe.
Zihan is concerned that she is spending too much time and effort on the actual cookie recipe (product) and not enough time on the remaining 3Ps. In order to ensure a successful launch of her new business, Zihan hired you to help with the bakerys grand opening.She asked you to prepare a report detailing what the bakery can do to deliver customer value.
Questions:
What would you recommend Zihan do to create a proper balance between the 4Ps (integrated marketing mix) for hier bakery? In other words, what would you advise Zihan create a balance with all 4Ps:
