Crossword Answers
10 Minute Guide
How to achieve an effective marketing mix
Membership Services
Moor Hall, Cookham
Maidenhead
Berkshire, SL6 9QH, UK
Telephone: 01628 427500 www.cim.co.uk/marketingresources © 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
How to achieve an effective marketing mix
Membership Services
Moor Hall, Cookham
Maidenhead
Berkshire, SL6 9QH, UK
Telephone: 01628 427500 www.cim.co.uk/marketingresources © 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