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The Marketing Mix

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Introduction

"A term used to describe the way in which businesses mix together elements that go into a successful sale of a product" (Mr. P. Neill) Market research helps a business to discover what consumers want or may want in the future. Marketing helps it to satisfy their wants and hopes. To market my products profitably for my business, I have to consider four main factors: ~ The product, or the kind of good service provided; ~ The price, or what the customer can be charged; ~ Promotion, or how customers will hear about the product; ~ Place, or how the product will be distributed These are known as the four P's. The Product Although all the four P's are important, the product is even more important than the others. Without the product, there could be no price, no place, no promotion. The product is the basis of the whole marketing process. ...read more.

Middle

This has a big influence on prices in the primary sector of production. ~ State of the economy. If the economy is booming, with little unemployment and rising wages and salaries, prices will rise, vice versa. ~ Price Plateau. For each kind of good there is a price plateau, or range of price, that careful shoppers think they would have to pay. Promotion The business world is now so competitive that the third P - promotion - has become increasingly important. Promotion is the way in which a business draws attention to itself and its products. There are three main methods: ~ Advertising ~ Public relations ~Merchandising Methods of promoting sales are: ~ Free gifts, special offers, discount vouchers, bonus packs, charity promotions, competitions, and loyalty cards. Place The last of the four P's - place- deals with how a business distributes its products. There are four main channels of distribution, which link the producer, or seller, with the consumer, or buyer. ...read more.

Conclusion

It is often a significant part of the total price. Some retailers use plain packaging instead. This reduces costs, but it has not been a great commercial success so far. Place Packaging plays an essential part in the distribution of goods. It should be strong and secure, and easy to handle and transport. This can reduce the cost of replacing broken or damaged goods, and help to prevent losses through tampering or theft. The packaging should also be of a suitable shape and size for easy and attractive display in shops and stores. Promotion Packaging is also used to promote the brand name, which is usually prominently displayed. It can also be used to advertise details of other promotions such as price cuts, competitions, special offers, etc. Other uses of Packaging ~ The bar code on the package plays an essential part in the automatic re-ordering of stock in supermarkets ~ Packaging also provides information required by law, such as the ingredients of tinned food ~ Secure packaging prevents criminals and terrorists from interfering with the contents. ...read more.

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