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The Marketing Mix

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Chapter 38: Marketing Mix

  1. Product
  • Functional – means that product must perform the function its been bought for
  • Appearance – product should look good
  • Unique Selling Point (USP) – it is better if product contains something different from other similar products
  • Product Lifecycle – businesses should modify the products or make new products
  1. Price
  • Customers want value for money. Price should be set depending on the following factors:
  • Quality of product
  • Cost of production
  • Prices charged by competitors
  • How much customers are prepared to pay
  1. Promotion
  • Businesses have to make sure that their customers know about their products
  • They need to provide information such as:
  • Details about the nature and range of product
  • Prices
  • Where it can be purchased
  • Businesses can also try to persuade people to buy their products.
  1. Place
  • Part of the marketing mix where products are distributed
  • Products must be in convenient places and is easily accessible for customers
  1. What Can Influence the Marketing Mix?
  • Nature of the product
  • Competition
  • Marketing budget
  • Competitor’s mix
  • Technology
  • Market research

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