With these answers, you can complete the Product Policy section of your marketing mix model. It may also be helpful to conduct a competitive analysis before answering these questions. Finally, don't hesitate to ask members of your marketing team to help you complete the Product Policy section of your marketing mix; they often have particularly in-depth knowledge of each of these topics.
4P: Place or distribution policy
The Place section of your marketing mix refers to the physical or virtual rcs data thailand location where your product or service will be accessed. Place is important because it helps determine how well your distribution channels are suited to your business and products. Complete the Distribution Policy section by answering the following questions:
Do you have physical stores? If so, where are they located?
Is this a chain of stores or boutiques?
Do you sell a physical product? If so, where is it available?
Where can customers find more information about your business? What communication channels do you use? Are you present on social media, an online platform, or forums? Do you prefer to meet your customers in person?
Do you have online stores? If so, how and where are they hosted?
4P: Price or pricing policy
The Pricing Policy section of your marketing mix is crucial for attracting your ideal customer. It will help you define your pricing policy, as well as your terms of sale and payment. Indeed, if your product's price is too low, you risk not making enough profit. However, if your price is too high, your ideal customer won't be able to afford your products. After taking the time to study your competitors' prices, complete the Pricing Policy section of your marketing mix model:
What is the purchasing power of your ideal customer?
Are you an accessible or luxury brand?
What is the psychological price your ideal customer expects?
What is the lowest price you would be willing to sell your products for?
What is the highest amount your ideal customer would be willing to pay for your product?
Can (or should) you offer discounts such as bundles or wholesale pricing?
What payment and credit terms do you apply?