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Product, Price, Place and Promotion constitute the standard marketing mix used for decades around the world. DISCUSS.

The Marketing Mix, also known as the 4P’s, is a basic marketing framework that consists of the following:

Product: What are you selling? This may be a product, service, person, country, cause, or idea. For a nonprofit organization or government service, your “product” will include both the services you provide the beneficiaries, and the rewards you provide the donors/sponsors. In describing your products, make sure that you are very specific, that you describe the BENEFITS of the product (not just the features or ingredients), and that you emphasize what is better or different than the competition.

Price: What are you charging? This is usually money, but may include requests for time or labour (especially if you’re a nonprofit organization). For most nonprofits, the “price” could be a requested donation or membership fee, or even the time you request from volunteers. In describing your price, make sure you provide SPECIFIC NUMBERS, and show how your price compares to the competition.

Place: How and where is the product distributed? This is NOT where the advertising takes place (a common error). It’s how the product gets from you to the customer (or how the customer gets to the product.) For a nonprofit, this could be where the service is provided. In describing your place, be specific about locations and distribution methods, and state how your place strategy compares to the competition.

Promotion: How are you communicating? This could include advertising, public relations, the Internet, trade shows or even person-to-person sales. Note that some people use “promotion” to mean a discount or other sales promotion, but that’s not what is meant here (discounts belong under price). In describing your promotion, specify both the medium used and the message, and explain how it compares to the competition.

Product, Price, Place and Promotion constitute the standard marketing mix used for decades around the world. You will find other alternatives. For example, Philip Kotler lists the Modern Marketing Management 4P’s (People, Processes, Programs, Performance). Another example is the Customer Centric Marketing Mix (Customer Needs, Cost, Convenience, Communication). DO NOT USE THOSE ALTERNATIVES . If you’re interested, you may critically analyze why some of those alternatives do NOT make sense for most businesses. So please learn the traditional 4P’s — you can’t go wrong using a widely accepted standard.

Now the best way to learn any framework is to apply it. Please read the following article:

“A Sri Lankan Underdog Battles Global Tea Giants” by Vikas Bajaj, The New York Times, 8 January 2010

You should also conduct additional research. Then do the following:

1. Select just ONE of the Marketing Mix. Don’t try to do all 4 in one post.

2. Be sure to compare it to one of Dilmah’s competitors.

3. Propose what you would do differently.

4. Limit 300 words.

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