Marketing Mix

What is it?

When marketing products, firms need to make a mix of:

  • the right product
  • sold at a reasonable/ competitive price
  • in the right place
  • using the most suitable promotion.

1. price

The price must reflect on the quality and the value placed on the product by the customers.

Usually, a HIGH PRICE = HIGH QUALITY

The price set must also allow the producer to make profit as well as compete with other brands.

2. PLace

Products must be available at locations suitable to customers.

Examples include:

  • Online
  • High Street
  • Shopping Centre
  • Industrial Estate
  • Catalogue
  • Wholesaler

Products

The product must be of good quality, price and a customer need.

The following techniques can be used:

  • Specialised versions
  • Improvements
  • Changed packaging
  • New Technologies
  • Widening the product range

Promotion

Promotion involves telling your customers about your products or services.

Types of promotion:

  • Advertisemts
  • Sales promotion
  • Direct Mailing
  • Public Relations
  • Packaging

Read more: http://businesscasestudies.co.uk/business-theory/marketing/marketing-mix-price-place-promotion-product.html#ixzz2rsO0u9TQ
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