GCSE Business Studies
What is marketing mix?
The marketing mix is a business tool used in marketing and by marketing professionals. The marketing mix is used when determining a product or brand's offer. The marketing mix has the 4p's which stand for:
What does the customer want from the product/service?
What does it need to satisfy?
What features does it have to meet these needs? Are there any features you've missed out? Are you including costly features that the customer won't actually use?
How and where will the customer use it? What does it look like? How will customers experience it? How is it differentiated versus your competitors?
What is the most it can cost to provide, and still be sold sufficiently profitably?
What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive?
Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
What discounts should be offered to trade customers, or to other specific segments of your market?
How will your price compare with your competitors?
Where and when can you get across your marketing messages to your target market?
Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards or maybe by using direct marketing mailshot, through PR, or on the Internet?
When is the best time to promote?
Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
How do your competitors do their promotions? And how does that influence your choice of promotional activity?
Where do buyers look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket or online or maybe through catalogue's?
How can you access the right distribution channels?
Do you need to use a sales force or attend trade fairs or make online submissions or send samples to catalogue companies?
What do you competitors do, and how can you learn from that and differentiate?