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Essay text:
It is important to define what the product is, in order to define the target market. Without a definite product, no other part of the marketing strategy can be implemented.
Price does play an important part in the marketing mix, but it should not rule the business. Price should be in line with a customer's perception of value. Price must also match the quality of the product being offered. Knowing what the break even point is also is important. Without this information, the price may not be enough to cover the costs of selling the product.
Placement and distribution is the third element of the marketing mix...
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