Business Revision Guide: 2.4

• Marketing mix

  • Elements must work and fit together
  • If they do not complement each other, the product is unlikely to be successful
• Poor marketing mix

  • PRODUCT: new bottled soft drink developed to compete with leading brands, only made available online and not sold in supermarkets or other retail outlets
  • Promotion: Advertised on social media and magazines aimed at teenagers
  • PRICE: Price skimming strategy used, launch price set higher than competition
• A successful marketing mix will ensure that different elements work together, and complement each other
• Market data

  Information that can help make marketing decisions, e.g. market share, changes in demand
• Target market

  Group of consumers to whom the business tries to sell its products
• changes in demand

  • Inform possible changes to price, advertising, promotional offers, product
  • Decide the design of the product, how much to charge, where/when/how to advertise, which retail outlets to use, which promotional offers to use
  • Help decide whether to change or maintain the current marketing mix
  • Evaluate the effectiveness of any current promotion and make changes if necessary
• product changes: The first decision will be whether or not the business needs to introduce a new product to match consumer needs and/or competitor products
• Target market

  To decide:

  • the design of the product
  • how much to charge for the product
  • where, when and how to advertise
  • which retail outlets to use
  • which promotional offers, if any, to use
• Market share


  To help decide whether to change or to maintain the current marketing mix
• Effect of promotion

  Use data to evaluate the effectiveness of any current promotion and make changes if necessary
• Where the product is available

  • Online
  • Not in supermarkets
  • Not in other retail outlets