Progression Diploma The Marketing Mix

Research Exercise/ Homework Search the Internet for a useful explanation of the term –Marketing Mix

The 4 P’s AKA ‘marketing mix’ Product – fulfils customer needs and wants Price – gives customer value for money Promotion – customers must be aware that it exists Place – for sale in a convenient place

1. Be Market Driven not Product Driven ( market driven firms do best) Market driven = use market research to find out what people want Product Driven = design a new product then try to sell it The Product – 5 Golden Rules

2. Know Yourself and Your Market SWOT – helps a business analyse internal and external factors Internal (within a business) –Strengths examples – good product range, motivated employees –Weaknesses examples – inexperienced employees, not enough products External (outside the business) – –Opportunities examples – opening up of new markets, improving economic conditions. –Threats – increased competition or worsening economic climate The Product – 5 Golden Rules

3. Get the Detail of the Product Right Design must be fit for purpose Product name must be catchy to make it distinctive A good product range Packaging to help distinguish product The Product – 5 Golden Rules

4.Know Your Products Life Cycle The Product – 5 Golden Rules Launch (advertising and sales promotions) Growth (until product becomes well established) Known as Maturity. Saturated (sales at peak. Firms might extend product life by extension strategy). Decline and obsolete Development stage (Research & Development, market research)

5. Make your Product Different from the Competition Product Differentiation compared to the competition If you don’t have product differentiation people will only buy if it’s cheaper which means less profit The Product – 5 Golden Rules

Exercise Using the attached items apply at least two of the golden rules when attempting to market this product. Use the flip-chart paper and pens provided.