Introduction to the Marketing Mix
- The marketing mix provides a framework for businesses to create and implement successful marketing strategies
- Sometimes known as the 'Four P's', it represents the key elements of a marketing strategy: product, price, place, and promotion
- These four components work together to satisfy the needs and wants of a target market while achieving the company's objectives
- Sometimes known as the 'Four P's', it represents the key elements of a marketing strategy: product, price, place, and promotion
- By understanding and manipulating the marketing mix, businesses can differentiate themselves from competitors, maximise marketing impact and achieve long-term success
Diagram of the Four P's of the Marketing Mix
Businesses combine the 4 P's of the marketing mix in appropriate and unique ways to maximise their chances of success
Product
- The product design mix refers to the combination of elements that make up a product's design
- These elements include function, aesthetics and cost
- These elements include function, aesthetics and cost
- Balancing the elements of function, aesthetics and cost helps to ensure a product's design is both functional and attractive while also being cost-effective for both the manufacturer and the consumer
- Many manufacturers aim to balance all three elements
- E.g. Fentimans ginger beer is relatively affordable and is packaged in eye catching bottles and the product itself is very good quality
- E.g. Fentimans ginger beer is relatively affordable and is packaged in eye catching bottles and the product itself is very good quality
- Other manufacturers may focus on one aspect more than the others
- E.g. Asda's own brand of ginger beer is produced at the lowest possible cost and sold to consumers at a very low price
- E.g. Asda's own brand of ginger beer is produced at the lowest possible cost and sold to consumers at a very low price
- Businesses must take care to balance customers' quality expectations with these elements
- The target market may value quality less than price and will not be prepared to pay a high price for goods, even if they are of the highest quality
- Many manufacturers aim to balance all three elements
- Most companies are market-orientated when developing new products
- They spend a lot of money researching consumers’ buying habits and their likes and dislikes
- They then design and package a product, which this research suggests people will want to buy