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Topics: Marketing, Customer, Sales Pages: 22 (4034 words) Published: February 25, 2014
10 Minute Guide

How to achieve
an effective
marketing mix

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© The Chartered Institute of Marketing, 2009.
All rights reserved. Permission to reproduce or extract
material from this publication must be sought from
The Chartered Institute of Marketing.

CIM 14280 | DS | May 2009

10 Minute Guide

Marketing
Mix
What it is

The ‘Marketing Mix’ is a term used to
describe the combination of tactics used by
a business to achieve its objectives by
marketing its products or services
effectively to a particular target customer
group. It is also referred to as the ‘4 Ps’ –
Product, Price, Promotion and Place, or the
‘7 Ps’ – the 4 Ps with the addition of
People, Process and Physical Evidence,
also called the extended marketing mix.

Why it is important

Businesses need to make sure they are
marketing:
• The right product to
• The right person at
• The right price in
• The right place and at
• The right time
For example, if you manufacture pens, and
have decided to target schoolchildren, it
would be more appropriate to market:
• Coloured ballpoint pens (product)
• At a low price (price)
• Selling them through newsagents and
stationers (place)
• And promoting them through point of
sale material (promotion)
than it would be to market:
• Gold fountain pens (product)
• At a high price, including insurance
against loss (price)
• Selling them through specialist outlets
and jewellery stores (place)
• And promoting them in glossy
magazines and Sunday Supplements
(promotion)

What you should do

Make sure you have identified each of your
target customer groups. If you have not
already done so and would like further
information on grouping your customers,
take a look at our 10-minute Target
Customer briefing.
Now, with each customer group in mind,
work through the steps outlined below.

Product
Marketing is about identifying, anticipating
and satisfying customer needs. You need to
be sure that your products and services
continue to meet your customers’ needs.
1. Carry out simple research by asking
your customers:
• What they think of each
product/service
• How satisfied are they with the
quality
• How satisfied are they with any
support services you may provide
• How effective it is in meeting their
needs
• How they see their needs changing
in the short and long term future
2. Carry out step 1 for each product or
service you offer.
3. Have a system for collecting and
analysing feedback from your
customers so that ideas are fed into a
new product development process that
is ongoing.

CIM 14280 | DS | May 2009 | 2

10 Minute Guide: How to achieve an effective marketing mix
4. Ask yourself what stage of the product
life cycle your products or services have
reached. The ‘product life cycle’ is one
way of looking at how the marketing
mix links together. Products are said to
go through stages – an introductory
stage, a growth stage, a mature stage
and a decline stage. At each stage a
slightly different mix is appropriate – see
the ‘What you need to know’ section of
this material for more information.
5. Analyse the profitability of each
product/service you offer. For more
information on calculating this, take a
look at the 10-minute 80/20 Rule.
Which products/services make the
biggest contribution or provide the
highest profitability? What support
services do you offer with each
product? Could it be improved, adding
value with little cost?

Place
‘Place’ is the means of distribution you
select depending on the type of product or
service you are marketing. Your choice will
impact on your pricing and your promotion
decisions.
1. Are the customers for your products
and services consumers or businesses?
If they are consumers you will have
three main options:
• Selling to wholesalers who will...
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