Nat 5 Business Management - Marketing Marketing Mix Nat 5 Business Management - Marketing

Lesson Starter Think-Pair-Share: Think about the different decisions you make when looking at or thinking about buying a product/service. What helps you to decide between one product or another? Discuss with your partner and write down some ideas.

Learning Intentions At the end of this lesson, you should be able to: Confidently describe the elements of the Marketing Mix Understand why this is important in decision-making

Task Copy out the following table: Product Price Place Promotion

The Marketing Mix Product The actual item (good/service) that is produced and then sold Price How much money is being charged to buy the product Place This is the market the business chooses to make the product available to the customer Promotion How the customers are told about and encouraged to buy the product – can be done in different ways. ** Remember – promotion is more than just advertising!

Why is the Marketing Mix Important? Product The product must be what customers want or else no one will buy it! Market research will help a business determine what customers want. Price The product must be priced correctly so that customers will buy it but also not too low that the business doesn’t then make a profit. Price reflects Quality? Competition? Place The product must be accessible to the customer – they must be able to get to it! Could be in different places – shops, internet, TV etc. Promotion Product has to be promoted so that consumers know it exists!