Marketing Mix

What do Marketing Departments do? They need to focus on the customer and understand who their customers are. They must identify the customers needs They must anticipate their needs in the future They must also meet those needs when the customer requires it.

McDonalds How have they done this recently?

Any business must consider the Marketing Mix The combination of factors that helps a business sell its products. There are 4 parts. This is commonly known as the 4p’s: Price Product Promotion & Place

Price The price of a product must reflect the value that the customer places on the product. Think about low cost airlines, designer goods, costume jewellery, fast cars. Price is important, it will have an effect on profit

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Product The product must meet the customer needs. Segmentation is important to think about here. The product must also do what it claims to do. Toyota cars at the moment!!!

Promotion Customers need to know that a product exists and is available to purchase. How did Cadbury’s relaunch Wispa?

Types of Promotion?

Place Having a product available when they want it, and where they want it. For businesses this will be getting their products into the right stores: Reggae Reggae sauce at Sainsburys Bean2Bed at John Lewis

Differences in the Marketing Mix A marketing mix will be different for every business and every sector of industry. Any product has to be marketed at the right consumer, at the right price and convey the correct image.

Task

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