marketing mix

• marketing mix - product, price, place and promotion
• product - a good of service provided by a business to satisfy consumer needs and wants
• when designing a product - function, materials, manufacturing, appearance and cost
• product - design, brand name, packaging and product life cycle
• brand name - a distinctive name given to a business and the goods and services it develops
• packaging - product protection, image, convenience, information and recognition
• the product life cycle describes the stages that a product goes through from introduction to decline
• product design - function, materials, manufacturing, appearance and cost
• packaging - product protection, image, convenience, information and recognition
• product life cycle - introduction, growth, maturity, saturation and decline
• factors influencing price - cost, competitors' prices, stages of the product life cycle, product image and consumer demand
• place refers to where consumers can buy goods and services sold by the business
• channel 1 -the producer sells to the wholesaler in large quanities
• channel 2 - the producer sells direct to the retailer, thus removing the need for a wholesaler
• channel 3 - the producer sells direct to an agent, who is responsible for selling the product in a particular market
• channel 4 - the producer sells direct to the consumer
• factors affecting the channels of distribution - cost, nature of the product, target market, business image and market size
• promotion is used to increase consumer awareness of the brand and the goods and services that it sells - uses techniques to persuade consumers to buy the firm's products over those of competitors