Marketing Mix GCSE Business Studies. Marketing Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements.

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Presentation transcript:

Marketing Mix GCSE Business Studies

Marketing Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. CIM's official definitions

The Marketing Mix – The Four Ps Product Price Promotion Place

The Marketing Mix In order to achieve success all businesses must get the marketing mix right. This involves having the right product at the right price in the right place using the right promotional methods. These are known as the 4 P’s.

Product Appearance Function Cost USP Market Position

Product Life Cycle

Research and Development Introduction Growth Maturity Saturation Decline

Strategies to Extend Product Life Cycle Modify the product Change the packaging Increase promotion Reduce the price Find new market Encourage increased use of product

Legislation Relating to Products Sale and Supply of Goods and Services Act Consumer Protection Act Food Safety (Northern Ireland) Order Weights and Measures (Northern Ireland) Order

Pricing Policies Cost Based Pricing Skimming Penetration Competitor Based Pricing – –Market Led –Destruction

Factors that Affect Price Cost of Production Need to Make a Profit Competition in the Market Price which the Market can Bear Season Quantity of Stock in Hand

Relationship between Price and Demand Demand is when consumers want a product and have the money to purchase it Businesses want to know how much demand there will be for their products at different prices. Demand for a product will be higher if the price is lower.

Methods of Promotion Advertising –Informative –Persuasive Sales Promotion –Coupons and Loyalty Cards –Competitions –Product Endorsements –Free Offers –Merchandising

Legal Controls on Promotion Trade Descriptions Act Consumer Protection Act

Place - Channels of Distribution Manufacturer Retailer Wholesaler Consumer Manufacturer Retailer Consumer Manufacturer Consumer

Factors Affecting Choice of Distribution Channel Type of Goods Value of Goods If the Product is Perishable Costs Involved

Key Trends Distribution Channel Growth of E-commerce Growth of Call Centres Growth of Retail Parks Growth of Digital Television Shopping Diversification of Products and Services Offered by Retailers