The marketing mix focuses on how consumers will interact with MyLegacy. There are four key elements of building a successful marketing mix, often referred to as the 4 P’s of Marketing. The 4 P’s outline Product, Place, Price, and Promotion, and develop considerations for key product attributes that customers want to see, places customers will encounter the brand, what price customers will ultimately pay for the full product, and how customers will become aware of the brand. In order to create an effective presence within the market, these elements have been established based on the industry analysis and primary research conducted within this project.
MyLegacy’s 4 P’s have been established with the goal of eliminating obstacles to purchase and capitalizing on impulse buys and customer momentum to first hook consumers. In an industry that already has big-name players, eliminating obstacles and capitalizing on impulse and momentum – or rather, capturing customers willing to “give the product a chance” with very few perceived risks – will be important to adaptation of the product. Then, the 4 P’s will explore ways to further draw customers in and increase their interactions with MyLegacy.