Unit 3 Marketing Assignment 6
Unit 3 Marketing
Assignment 6
Introduction
The marketing mix is what provides the framework for developing marketing plans. The marketing mix for physical goods is generally accepted as being made up of four parts, these are:
1. Product: A product is anything that can be offered to a market to satisfy a want or need. Product includes Physical goods, services, experiences, events, persons, places, properties, organisations, information and ideas. It is therefore the combination of goods and services that are offered to the target consumer.
2. Price: Price is the amounts of money consumers have to pay to acquire the product. This can vary, for example, PC World offers discounts and credit terms that will all alter the price different individual consumers will pay.
3. Promotion: Promotion describes the activities undertaken to ensure the consumer knows about the product and its capabilities. It usually combines advertising, sales promotion, public relations and personal selling.
4. Place: Place describes where and how the consumer can obtain the product. For example, Tesco has stores all over the country but place does not have to be a physical location. Nowadays consumers can buy books over the telephone, via the Internet or through their TV remote control. Producers have to choose the best method carefully to ensure consumers can find their product in an appropriate place when they decide to make a purchase.
Once the marketing objectives have been agreed, marketing plans must be developed to achieve goals.
Objectives of developing mix A business will tailor its marketing mix to suit its objectives. The objectives may include the following.
Support brand building.
Satisfy needs and aspirations of targeted group of customers.
Support brand building
The marketing mix supports the building of brands through product strategies. A strong brand allows a business to make more effective use of its marketing strategies by promoting more than one product
Assignment 6
Introduction
The marketing mix is what provides the framework for developing marketing plans. The marketing mix for physical goods is generally accepted as being made up of four parts, these are:
1. Product: A product is anything that can be offered to a market to satisfy a want or need. Product includes Physical goods, services, experiences, events, persons, places, properties, organisations, information and ideas. It is therefore the combination of goods and services that are offered to the target consumer.
2. Price: Price is the amounts of money consumers have to pay to acquire the product. This can vary, for example, PC World offers discounts and credit terms that will all alter the price different individual consumers will pay.
3. Promotion: Promotion describes the activities undertaken to ensure the consumer knows about the product and its capabilities. It usually combines advertising, sales promotion, public relations and personal selling.
4. Place: Place describes where and how the consumer can obtain the product. For example, Tesco has stores all over the country but place does not have to be a physical location. Nowadays consumers can buy books over the telephone, via the Internet or through their TV remote control. Producers have to choose the best method carefully to ensure consumers can find their product in an appropriate place when they decide to make a purchase.
Once the marketing objectives have been agreed, marketing plans must be developed to achieve goals.
Objectives of developing mix A business will tailor its marketing mix to suit its objectives. The objectives may include the following.
Support brand building.
Satisfy needs and aspirations of targeted group of customers.
Support brand building
The marketing mix supports the building of brands through product strategies. A strong brand allows a business to make more effective use of its marketing strategies by promoting more than one product