YEAR 11 BUSINESS Tuesday 5 th November Mr Nicholls

OBJECTIVE To develop our understanding of the marketing mix in relation to a specific business organisation. To begin preparing for our mock exams.

TO START WITH… A short little quiz just to recap what we’ve looked at – this is all stuff that you’ve covered either with me or last year (apart from maybe 1 question). Make sure your name is on the sheet and that you attempt ALL of the questions.

THE MARKETING MIX The marketing mix is the combination of product, price, place and promotion for any business venture. No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point that makes their products stand out from the competition.

USING THE MARKETING MIX An exclusive brand of jewellery uses the best materials but comes at a high price. Such designer brands can only be bought at exclusive stores and are promoted using personal selling sales assistants. By contrast, cheap and cheerful jewellery for the mass market is best sold in supermarkets and can be promoted using television adverts. There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives. The overall marketing mix is the business’ marketing strategy and is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%

MCDONALDS Using the sheets you were given on McDonalds: How does McDonalds use the marketing mix in order to effectively market their products and services? Use specific examples to back up your statements. So answering this question is simple – but you must make sure you consider all of the elements of the marketing mix in relation to McDonalds, and you must use specific examples for each. Once considered, you should explain how McDonalds uses each of these areas of the marketing mix in order to help it succeed in the market – this boils down to the information you’ve been given, and your own understanding.

HOMEWORK… Due for Friday: Find out the key information about the following consumer laws, and who/what they protect: Sale and Supply of Goods Act 1994 Trade Descriptions Act Consumer Credit Act 1974 HINT : GCSE Bitesize could be a good point of reference to help you out here!