Unit: 3.3 Decision making to improve marketing performanceSub unit: 3.3.4 Making Marketing Decisions: using the marketing mixTitle: Using the marketing mixLearning Objective: ToIdentifythe elements of the marketing mixSOLOlevelOneManyRelateExtendSuccessCriteriaIdentifytheelements of themarketing mixTheinfluencesonand effects ofchanges in theelements of themarketing mixTo analysehow the MMshould beconsidered forgoods andservices, bothindustrial andconsumerTo applyyourknowledge to aexam questionTo be successful…
Knowledge Check Questions1.What is a niche market?2.State three ways a business can segment the market3.What does STP stand for?4.Why is marketing important to a business5.Identify three external environmental factors that might have animpact on a business
Specification: 3.3.4 Making MarketingDecisions: using the marketing mix
IntroductionThe marketing mix, also known as the 7 Ps, is a collection of factors thata business must consider when marketing its products in order to meetthe needs. In order to be successful these seven factors mustcomplement each other if the marketing mix is going to be successful.Through the 7Ps a business will be able to achieve its marketingobjectives.