1.4.3 marketing mix

• What’s the marketing mix?

  The 4 P’s

  Product, place, promotion, price
• What’s the function of product?

  To meet the needs of customers and have the correct attributes the customer wants, a successful business will differentiate their products from their competitors’ products
• What’s the function of place ?

  The way the product is distributed. Businesses have to consider the channel, e.g. online or through retail stores, on where to place their product can be found
• What’s the function of promotion?

  The communication between the business and customer that makes the customer aware of their products; advertising, sales promotion, sponsorship, public relations
• What’s the function of price?

  The price of the product must reflect the value customers place on the product, what are factors that influence price; competition, customer opinions, brand image, availability
• How to adapt the marketing mix for a competitive advantage?

  Offering a product or service that fills the gap in the market, offering better sales promotion (BOGOF), creating a USP, developing relationships with customers to make them more likely to buy again
• How can a business adapt to changing consumer needs?

  introducing new products, changing the selling price of products, opening new retail outlets, introducing m-commerce and e-commerce
• What’s the impact of technology on the marketing mix?

  Product - new technology demands products are constantly innovative, especially in tech industries

  Price - customers can easily compare prices online, reductions on price due to more efficient production methods

  Promotion - switching from traditional advertising to forms of digital communication

  Place - e-commerce provides the ability to customise products and services