Marketing strategy involves four interrelated decisions known as the Marketing Mix or the Four P’s:
1. The Product
The physical product or intangible service benefits provided to the consumer. In MikesBikes this is expressed in terms of product attributes; style and technical specifications. These can be improved from Year 4 in the simulation through Product Development.
2. Price
The Retail Price charged by the store to the consumer.
3. Promotion
Promotion entails communicating the benefit of the product to your target audience, resulting in brand and product awareness, then ideally sales.
4. Place (distribution)
Place relates to the type of distribution channels or stores that will be used to distribute the product.
The 4 P’s work together to influence customer demand. In MikesBikes, demand is also be influenced by delivery and quality of the product.