Marketing mix is a combination of factors which help a business to take into account customer needs when selling a product.
There are four P's in Marketing mix
The product must meet the needs of the customer. A business must consider the following when identifying their products;
- What will be out product range(variety)?
- Who is our product targeted at?
- What will our packaging be?
-what will be our material?
Price is important because;
- The Price of a product gives customers and indication of quality.
- When there is competition in the markets, changes in price can have a big impact on demand.
- When the products are branded they generally have a higher price rather then non-branded products because branded products are more expensive to produce and promote.
Promotion is when a business makes the consumers aware that a product is for sale. Reasons for a promoting a business or a product;
- Building a strong brand image.
- Boosting sales.
- Creating awareness.
- Communicating product benefits and features to customers.
Place is about having a product available to customers when they need it and where they want it. There are many ways a business might do this.
- Direct - some businesses sell their product directly to customers
- Wholesale - a wholesaler breaks down a bulk supply of a product and distributes it to retailers this is more suitable for businesses that produce a large quantities of a product.
- Retail - distributing products through retailers helps sell the product improve.