Using the marketing mix to make decisions

• Marketing mix elements: product, price, place, and promotion, are integrated to inform a business's target market decisions and the image it conveys
• A marketing strategy combines the elements of the marketing mix to increase sales, with each element influencing the others
• Consistency across all elements of the marketing mix is crucial for success in a marketing campaign
• Each element of the marketing mix influences the others, requiring consistency in messages across all elements
• For a successful marketing campaign, the elements of the marketing mix must be mixed together in the right way
• Compromises may be necessary when making decisions about the different elements of the marketing mix
• Product influences 'product' by affecting the price, place, and promotion strategies
• Price influences 'product' by affecting the quality, place, and promotion strategies
• Place influences 'product' by requiring high quality for products sold in luxury outlets
• Promotion influences 'product' by determining suitable promotional offers based on the product's price and quality
• The marketing mix consists of product, price, promotion, and place, used to gain a competitive advantage over other businesses
• Competitive advantage can be achieved by offering products at lower prices than competitors or by adding value to the product to distinguish it from competitors
• Added value is the difference between the cost price and selling price of a product
• Businesses use the marketing mix to highlight ways they have added value to their products and make them stand out from competitors
• Product differentiation can be achieved by highlighting how the product is better than competing products, especially if it has a unique selling point (USP)
• In pricing, businesses decide whether to charge the lowest possible price or highlight the quality of a product by charging a price that reflects the quality
• Place in the marketing mix involves choosing whether the product will be widely available or sold in a smaller number of outlets
• Promotion in the marketing mix ensures that promotional activities are consistent and fit in with the brand image the business wants to maintain
• Certain elements of the marketing mix may be more important than others, varying according to the product, market, and competitors
• For example, a manufacturer of premium mobile phones may focus more on the features of the phone and advertising, while a budget mobile phone manufacturer may emphasize the price
• The marketing mix consists of product, price, promotion, and place
• Combining the elements of the marketing mix helps a business make decisions about its target market and the image it wants to convey
• A coherent and integrated marketing mix can influence the competitive advantage a business has over others
• Example of a marketing mix for a new model of sports trainers:

  • Product: new, high-quality, made with the latest technology, lightweight fabric, hardwearing yet comfortable
  • Price: priced slightly higher than competition due to unique features, discounts available
  • Place: sold through specialist sports shops and popular running websites
  • Promotion: heavily promoted on social media, targeting running enthusiasts, discounts for running club members
• The unique selling point (USP) of the trainers is the new and lightweight fabric, allowing the business to charge a slightly higher price
• Selling the trainers through specialist shops and websites reassures customers that they are designed for serious runners, not just a fashion accessory
• Promotion targeting running enthusiasts further confirms that the trainers are designed for runners, enhancing the competitive advantage
• This marketing mix strategy provides the business with a good chance of success in a competitive market with well-known brands