Thursday 31 October 2013

2.3 What is this MARKETING MIX and HOW DO I USE IT

Homework 10/10 key term test - to be tested Thursday 7th November 2013

  1. Marketing mix - the four major variables that for which decisions should be made when marketing a product
  2. Product - the service of physical goods being sold by the company
  3. Price - the amount charged by a business for its products and services
  4. Place - the methods of distribution used by a business to sell its products and services to consumers
  5. Promotion - all the ways a business communicates to consumers with the aim of selling products
  6. Target market - the group of consumers aimed at by the business
  7. Image - the positive perception consumers have of the products a business sells
  8. Limited budget - Small businesses do not generally have reserves of cash or cash surplesses.  There profits are often low in the first year and have such they have limited money to commit to projects and purchases
  9. Innovation - taking an existing product or service and changing it sligthly so that it appeals to a new or different market i.e. smartphones, satchels, HD digital video cameras.
  10. Invention - creating a new product or service that no one has ever seen or been able to buy or use before

Learning Outcome
By the end of this homework session you should know:
  • understand the 4 elements of the marketing mix
  • factors that influence the appropriate marketing mix for a small business on a limited budget
  • understand how a small business could select an appropriate marketing mix
Building the marketing mix - click here to get yourself ready for the 4P's of marketing

First Question
What do you know about small budget marketing.  Click here to find out

Main Task
  1. Using the raft of resources available to you create a 60 second presentation  (less than 250 words) using the writing frame below to explain the marketing mix for your chosen product  Your article should include:
  • Introduction - what is your product and WHY did you choose this one?
  • How will you PRICE the product?
  • How will you PROMOTE your product?
  • How will you PLACE your product?
You can deliver your presentation in groups.

Business Scenarios
Think of a business that has had to adjust its marketing mix as we continue to crawl out of recession here are some household names.  What have they done to find new and keep existing customers:
  • Tesco
  • Marks and Spencer
  • Poundland
  • Domino Pizza
Video Clip on the marketing mix

Exam tip
The marketing mix that you discuss needs to create a consistent image in your answer.  Point out how important it is that all the 4P's are giving off the same massage about the business product and the products

Career Prospects
Marketing knowledge - so you fancy a job in marketing - click here

Nine mark question


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  6. The marketing mix, also known as the 4Ps of marketing, is a framework used by companies to make strategic decisions in the marketing of their products and services. The four main variables of the marketing mix are:

    -Product: Refers to the service or physical good that the company sells. In your presentation, you must explain what your product is and why you chose it to market.

    -Price: It is the amount that the company charges for its products and services. You need to analyze how you will price your product and what pricing strategies you will implement.

    -Plaza (place): Refers to the distribution methods that the company uses to sell its products and services to consumers. Explain how you will place your product in the market and how you will reach customers.

    -Promotion: Includes all the ways in which the company communicates with consumers with the goal of selling products. Describe how you will promote your product and what marketing strategies you will use.