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The marketing mix
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The marketing mix refers to the combination of elements within a companies marketing strategy, these are designed to give the customer what they want and in the long term are designed to maximise profits.
The marketing mix is based around the idea of the 4 P's:
Product-The product is the centre of the marketing mix and the other three P's are based around it. Consumers purchase goods and services for a variety of individual reasons and a company must be aware of all of these when selling a product (that is why they conduct market research). Price-Is a key factor in the selling of a product, and is usually the one that is open to the most change based on different pricing strategies, for example, competitor based, penetration or skimming.
The three main factors affecting the amount charged for a product or service, are; the cost of production, customer demand and competition.
Place-This refers to the chosen outlets for a product or service, for a product to be very successful it must be easy to access, Mobile phones are very easy to access nowadays, they are sold in supermarkets, specialised outlets (either by network or brand) and all major department stores.
Promotion-This involves providing information to the customer over a variety of media platforms, using radio, television and print advertising as well as using other promotional tools such as "money off deals" and "free giveaways".
The stages of marketing
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1. Market and product research:
* Finding out what your customers want
* Technical research
2. Product launch
* Test market
* Pricing
* Branding
* Packaging
3. Product promotion
* Advertising
* Merchandising
* Publicity and P.R
* Sales promotion
4. Sales and distribution
* Managing the sales force
* Type and amount of sales outlets
* Local, national or international
-----------------
The marketing mix refers to the combination of elements within a companies marketing strategy, these are designed to give the customer what they want and in the long term are designed to maximise profits.
The marketing mix is based around the idea of the 4 P's:
Product-The product is the centre of the marketing mix and the other three P's are based around it. Consumers purchase goods and services for a variety of individual reasons and a company must be aware of all of these when selling a product (that is why they conduct market research). Price-Is a key factor in the selling of a product, and is usually the one that is open to the most change based on different pricing strategies, for example, competitor based, penetration or skimming.
The three main factors affecting the amount charged for a product or service, are; the cost of production, customer demand and competition.
Place-This refers to the chosen outlets for a product or service, for a product to be very successful it must be easy to access, Mobile phones are very easy to access nowadays, they are sold in supermarkets, specialised outlets (either by network or brand) and all major department stores.
Promotion-This involves providing information to the customer over a variety of media platforms, using radio, television and print advertising as well as using other promotional tools such as "money off deals" and "free giveaways".
The stages of marketing
-----------------------
1. Market and product research:
* Finding out what your customers want
* Technical research
2. Product launch
* Test market
* Pricing
* Branding
* Packaging
3. Product promotion
* Advertising
* Merchandising
* Publicity and P.R
* Sales promotion
4. Sales and distribution
* Managing the sales force
* Type and amount of sales outlets
* Local, national or international