1. Explain what is meant by the marketing mix.
When a business looks at marketing their products they need to create a successful mix of the 4 P’s: 1. The right product. (Product)
2. Sold at the right price. (Price)
3. In the right place. (Place)
4. Using the most suitable promotion. (Promotion)
To create the right marketing mix, businesses have to meet the following conditions: 1. The product has to have the right features - for example, it must look good, work well or taste good. 2. The price should be right.
3. The product must be in the right place at the right time. 4. The target group/consumer needs to be made aware of the existence and availability of the product through promotion.
1. The product
The product range and how it is used is a function of the marketing mix. The range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations. A product may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan.
2. The price
Looking at all the aspects of the marketing mix, price is the one which creates sales revenue. The price of an item is a key factor towards the volume of sales made. Price is determined by what customers perceive or see is the value of the item on sale. Researching consumer’s views/opinions about pricing is important as it will clearly indicate how consumers place a value what they are looking for, as well as what they are willing to pay for a product.
3. The place
Distributing the product to right place can involve using various methods of transporting, storing goods and then making them available for the customer. Getting the right product to the right place at the right time involves a distribution system. The choice of distribution method will depend on a variety of circumstances. It will be more convenient for some manufacturers to sell to wholesalers who then sell to...
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