GCSEBusinessAQARevision NotesMarketingThe Elements of the Marketing MixAn Introduction to the Marketing Mix

An Introduction to the Marketing Mix (AQA GCSE Business)

Revision Note

Lisa Eades

Expertise

Business Content Creator

The Four Ps

  • The marketing mix (4Ps of marketing) provides a framework for businesses to create and implement successful marketing strategies and methods

  • The 4Ps represent the key elements of a marketing strategy: product, price, place, and promotion

Diagram: the four P's

The Four Ps of the marketing mix are product, price, place and promotion

The four P's of the marketing mix are product, price, place and promotion

  • These four components work together to satisfy the needs and wants of customers in a businesses target market while achieving the company's objectives

    • By understanding and manipulating the marketing mix, businesses can differentiate themselves from competitors

An Overview of the Four P's

Element

Explanation

Product

  • This involves identifying the features, design, quality, branding, and packaging of the product/service

  • E.g. HSBC offers different current accounts to meet a variety of customer needs,

    • The Premier Account is a fee-free current account aimed at higher income individuals which includes free worldwide travel insurance, overdraft facilities and preferential interest rates on mortgages

Price

  • This involves identifying the best pricing strategies to use after having considered the amount of money customers are willing to pay, production costs, competition and expected demand

    • E.g. Netflix has recently changed its pricing structure to reflect the different needs of customers

      • Standard service customers pay the lowest subscription fee but programmes include adverts

      • Premium customers pay three times as much but enjoy advert-free, ultra-HD shows

Place

  • This refers to the distribution channels and physical location, as well as logistics and supply chain management 

    • Products aimed at the mass market are sold in as many popular outlets as possible

    • Exclusive distribution involves targeting high end customers by limiting the sales outlets

      • E.g. Porsche sports cars are only sold through licensed retailers

Promotion

  • This relates to the activities used to communicate and increase awareness of the product to the target market, including advertising, public relations and sales promotions

    • E.g. Southwestern Airlines humorous advertising, as well as discounts on tickets and sponsorship of US baseball teams

Exam Tip

When making recommendations for a suitable marketing mix, make sure you recognise the impacts on each of the four elements.

For example, you may recommend an increase in price, but if this is not accompanied by increased demand to a successful advertising campaign, it is less likely to be successful.

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    Lisa Eades

    Author: Lisa Eades

    Lisa has taught A Level, GCSE, BTEC and IBDP Business for over 20 years and is a senior Examiner for Edexcel. Lisa has been a successful Head of Department in Kent and has offered private Business tuition to students across the UK. Lisa loves to create imaginative and accessible resources which engage learners and build their passion for the subject.