After developing the marketing strategy, it must be translated into an action plan, one of the key elements of which is the marketing mix, as outlined below. The marketing mix refers to “the set of tools that a company uses to achieve its objectives in the target market” by utilizing variables that can influence buyer behavior.

These tools are generally divided into four categories, also known as the 4Ps: Product, Price, Place, and Promotion. The marketing mix thus provides decision-makers with a way to ensure that all elements of their program have been considered in a consistent and orderly manner.

• Product: What action variables express the company’s offer with all its features (assortment, packaging, service, etc.)?
• Price: The price at which the product is to be sold is the second important action variable of the marketing mix. The price should reflect the value that the customer places on the product.
• Place: The actions to be taken to market the product effectively and under favorable conditions. Are intermediaries needed? What distribution channel should be established? How accessible is it?
• Promotion: This tool encompasses all actions aimed at communicating persuasive information about the product…

This text is an excerpt from the book “Technical Methods for Developing Investment Projects“ written by Flavien Tumbula Kiamu.

We invite you to read the following article, “WORKING CAPITAL REQUIREMENT”.