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8 marketing_strategy_marketing_mix

8 marketing_strategy_marketing_mix - f High quality...

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tutor2u GCSE Business Studies Market strategy – marketing mix The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product. The marketing mix is often referred to as the “Four P’s ” - since the most important elements of marketing are concerned with: f Product - the product (or service) that the customer obtains. f Price - how much the customer pays for the product. f Place – how the product is distributed to the customer. f Promotion - how the customer is found and persuaded to buy the product. It is known as a “mix” because each ingredient affects the other and the mix must overall be suitable to the target customer. For instance:
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Unformatted text preview: f High quality materials used in a product can mean that a higher price is obtainable. f An advertising campaign carried in one area of the country requires distribution of the product to be in place in advance of the campaign to ensure there are no disappointed customers. f Promotion is needed to emphasise the new features of a product. The marketing mix is the way in which the marketing strategy is put into action - in other words, the actions arising from the marketing plan. Key Links for GCSE Business Studies http://www.tutor2u.net/ Discussion Board for GCSE Business Studies Other GCSE Business Studies Revision Notes and Resources from tutor2u Tutor2u GCSE Business Online Store...
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