In this section, I will give a detailed explanation of the marketing mix and why it is used in businesses. I will be giving a detailed analysis’ of the Product, Pricing, Place and Promotions. This section is based on about how I found my target market and then fulfilling their wants and needs.
Marketing mix: ‘Provides a recipe for effective marketing’: tutor2u.net
Marketing is the term used to describe a range of activities within a business that are designed to keep existing customers and to gain new ones. The ‘marketing cycle’ begins with the objectives of the business, which feed into marketing objectives. Next comes, Market analysis, involving the business looking at its position in the market and the ways it can best take advantage. Market research will be used to fid out which groups can best be targeted, and how. Market planning will include how, when and where to target markets. It includes test produces and test marketing. A marketing mix needs to be developed so that a successful balance of price, product, promotion and distribution is achieved.
The marketing mix: Product
The product refers to the different range of products supplied by a business. A product can be either a good or a service. It is just one part of the marketing mix and will only be successful if properly combined with marketing. Good market researchers will identify where new products are needed or existing products can expand.
The product lifecycle
The product lifestyle shows the stages that a product goes through from development to decline. There are five stages to the life of a product and they are development, introduction, growth, maturity, and decline.
The first stage is development. This is where the product is being developed it will not be growing as it is currently not on the market yet. Nobody will know what it is as it hasn’t yet been launched.
The launch stage also known