Marketing Mix

AS Business Unit 2

Aims and Objectives

Aim:
Understand the elements of the marketing mix

Level

Objectives:
Define competitive advantage

E-D

C-B
A-A*

Analyse the effectiveness of businesses marketing mixes

Evaluate the influences on the choice of marketing mix

Competitive Advantage
To be successful a business needs to quickly gain competitive advantage something that makes consumers pick them over rivals. Successful marketing increases customer awareness and makes customers choose your business developing a competitive advantage.

The Marketing Mix

The integration of product, place, promotion and pricing designed to achieve the marketing objectives of the business.

Price how much the consumer is expected to pay

Place where the purchase can be made by the consumer

Product features/functions of the product/service

Promotion communication with consumer

Packaging making the product look appealing

People how employees ensure quality

Group 4P Assessment
In groups numbered one to four. All prices/products/places/promotions become experts in field on your P. Return to initial groups and share knowledge of your P to complete the 4ps for each business.

PRODUCT What is the main product? What are its main feature/functions? Does it have a USP? Does the product meet consumer needs? How do you know? PLACE Where can customers buy the product? How does it get to them? E.g. direct from the company? Through a retailer? Are there possible other places the business could put its product to better reach consumers?

PRICE What price ranges does the product cover? Is the demand for the product going to change much if the price changes? Is the price at the right level for the target customer? How do you know? PROMOTION What kinds of promotion does the firm use? Branding, advertising, sales promotion? How widely known is the firm? Are these methods effective? How do you know?

Which is the most important element of the marketing mix, or are they all equally important? How does this change depending on the type of business?

An Effective Marketing Mix

Did any of the firms have a more effective marketing mix than others? How did you know (what made it effective)? Pick one of the businesses, what could they have changed from their marketing mix? Or used from another one?

Plenary
What does the choice of the marketing mix depend on? Finance marketing budget Needs of the customers (discovered through market research) Competitors the marketing mix should react to rivals Technology internet, promoted online?