2. Specification detail
The Marketing Mix:
Understand that a business will have to consider price,
product, promotion and place as important elements to
meet the business opportunity
Understand that different businesses will place
different emphasis on the elements of the mix and
that the mix can be amended to meet changing
consumer needs
3. Marketing Mix : Here
Define:
The way in which a firm tries to ensure the right
product is bring promoted in the right way and sold
and the right price at the right place
4. Market Research
To know the right Product, Price, Promotion and
Place market research should be done to understand
your customers needs better.
If you focus on your customers, you will then be able
to employ effective marketing.
5. Product : Here
The product should be designed to appeal to a
specific target audience or target market.
You need to know who you are trying to sell the
product to. Having the right product to appeal to the
audience is then backed up by :
The right price
The right place
The right promotion
6. Price : Here
All customers expect value
for money, therefore price is
important.
Having a low price may result in high sales, yet it may also
mean ‘cheap’ causing other problems.
E.g. very few people want cheap baby food or cheap perfume
Likewise, having a high price may mean less sales, yet may
give the message of quality.
7. Promotion : Here & Here
This is the way a firm can promote sales of its
products.
Using long term methods such as: TV advertising
Using short term methods such as: buy one get one
free
8. Place : Here
This is where (and how) the product
is distributed, so that customers can
get what they want.
Products on the mass market seek as
much distribution as possible. E.g.
Coca-cola
Products which are more exclusive
avoid selling their products to retails
who cut the price and damage the
image. E.g. Channel.
