"Determining a Marketing Mix

Let's practice a bit this week with building a potential marketing mix around an actual potential business idea. If we were sharing this in class, I would expect everyone's examples to be quite different so there is truly opportunity to build one that makes sense to you! And remember this is just for practice. :)

To complete this assignment, imagine that you are opening a new exercise/fitness facility in your local area. Based on your research, you have found that there are certain styles of exercise classes and types of equipment not currently available at the other local options, and that this type of facility is increasingly being sought after by working women and men between the ages of 25 and 40, many of whom also have families with young children. Using the content from Figure 8.3 as a guide, create a potential marketing mix for your business venture. Make sure to include great details for each of the seven components of the marketing mix and remember that everything needs to be tailored to your target audience. (For the purpose of this assignment, please ignore any current COVID restrictions as those consistently shift!)

301 Chapter 8 Entrepreneurial Marketing and Sales Product define value of good or service Promotion communicate benefits to customers Process build trust through efficient procedures MARKETING MIX Physical Environment convey value through atmospherics Price maximize competitiveness and profits People link company to customers Place reach target market at effective cost Figure 8.3 Each P of the marketing mix should work with the other Ps to create value for a business and its customers. Product, promotion, price, and place relate more to goods, while the people, physical environment, and process relate more to services. (attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license)