{"id":1621,"date":"2021-06-10T02:15:54","date_gmt":"2021-06-10T02:15:54","guid":{"rendered":"https:\/\/www.smartsims.com\/support\/?post_type=ht_kb&#038;p=1621"},"modified":"2021-06-11T07:59:46","modified_gmt":"2021-06-11T07:59:46","slug":"marketing-strategy-in-mikesbikes-introduction","status":"publish","type":"ht_kb","link":"https:\/\/www.smartsims.com\/support\/article\/marketing-strategy-in-mikesbikes-introduction\/","title":{"rendered":"Marketing Mix: The 4 P&#8217;s"},"content":{"rendered":"\n<p>Marketing strategy involves four interrelated decisions known as the Marketing Mix or the Four P&#8217;s:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. The Product<\/h4>\n\n\n\n<p>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 <a href=\"https:\/\/www.smartsims.com\/support\/article\/how-to-modify-a-product\/\">Product Development<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2. Price<\/h4>\n\n\n\n<p>The <a href=\"https:\/\/www.smartsims.com\/support\/article\/retail-price-definition\/\">Retail Price<\/a> charged by the store to the consumer. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3. Promotion<\/h4>\n\n\n\n<p><a href=\"https:\/\/www.smartsims.com\/support\/article\/promotion-mix-in-mikesbikes-introduction\/\">Promotion<\/a> entails communicating the benefit of the product to your target audience, resulting in brand and product awareness, then ideally sales. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4. Place (distribution)<\/h4>\n\n\n\n<p>Place relates to the type of <a href=\"https:\/\/www.smartsims.com\/support\/article\/retail-margin-definition\/\">distribution channels or stores<\/a> that will be used to distribute the product.<\/p>\n\n\n\n<p>The 4 P&#8217;s work together to influence customer demand. In MikesBikes, demand is also be influenced by delivery and quality of the product.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marketing strategy involves four interrelated decisions known as the Marketing Mix or the Four P&#8217;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&#8230;<\/p>\n","protected":false},"author":3,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"ht-kb-category":[20],"ht-kb-tag":[],"class_list":["post-1621","ht_kb","type-ht_kb","status-publish","format-standard","hentry","ht_kb_category-mikesbikes-introduction-year-one"],"_links":{"self":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/1621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb"}],"about":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/types\/ht_kb"}],"author":[{"embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/comments?post=1621"}],"version-history":[{"count":5,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/1621\/revisions"}],"predecessor-version":[{"id":1640,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/1621\/revisions\/1640"}],"wp:attachment":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/media?parent=1621"}],"wp:term":[{"taxonomy":"ht_kb_category","embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb-category?post=1621"},{"taxonomy":"ht_kb_tag","embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb-tag?post=1621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}