The Marketing Mix

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