Final answer:
Once a company has determined its competitive marketing strategy, it proceeds to plan its marketing mix, which includes the Product, Price, Place, and Promotion, to optimize customer satisfaction and income.
Step-by-step explanation:
Once a company has decided on its overall competitive marketing strategy, it is ready to begin planning the details of its marketing mix. The marketing mix, often referred to as the four Ps, consists of Product, Price, Place, and Promotion. These elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income.
A company's marketing mix is integral to establishing the brand's unique value proposition and overall market position. By carefully planning product features, setting competitive pricing, choosing appropriate distribution channels, and investing in targeted promotion, a company can effectively reach and engage its target audience.