Marketing Mix

Marketing Mix

Product
1. Product - A good or service produced by a business or organisation and made avaidable to customers for consumption.
2. Each product is different from its competitors, some have better quality and some have more unique selling points.
3. Each product has a life cycle were it will experience 5 stages; Launch, Growth, Maturity, Saturation and Decline.
4. Sales will start low at first but they will slowly increase depending on the popularity of your product.
Price
1. Price - The amount of money a customer must pay to get a product.
2. Branded products can be sold at a higher price as usually they are better quality than non-branded products. For example, a customer will pay £1.20 for a tin of heinz beans then paying 75p for tesco's own beans because heinz have better quality.
3. The price of a product is mainly 2x the cost of manufactering costs. For example, a bar of chocolate costs 70p to manufacture, its sell price will be £1.40 to cover the costs and to earn a 70p profit.
4. Charging a higher price in itself suggests to consumers that your product is better quality than the cheaper versions.
Promotion
1. Promotion - Communication between a business and a customer, making the customer aware that the product is for sale.
2. Promotion isn't just advertising your product it is about getting people to want to buy your product.
3. Promotion is often targeted at market segements in which their target market is within (i.e. Group of customers)
4. Changing your products packaging is a also an examople of promotion because you are inviting more people to look at your product.
5. Promotion attracts the consumers attention and with a lot of promotion people are going to buy your product because they have seen and heard a lot about it.
  1. This will then cause them to talk about your product to their friends which will increase your sales as their friends will want your product too.
Place
1. Place - The way in which a product is distributed - How it gets from the producer to the consumer.
2. Place is about having a product avaidable for your customers when and where they want it. If it isn't at local shops and centres then your customers can not reach it to buy it.
3. Some products can be sold directly to the consumers rather then through the shops but to do so you need the product in a place which they can go and get it.
4. If your product is in a shop far away from the major public then not many people are going to buy your product because they don't know that it is avaidable to them.
5. If your product is in a busy place then customers will see your product and try it out as the market always wants new things.

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	Created by Beth Thornton over 9 years ago