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The marketing mix

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Introduction

The marketing mix The marketing mix is probably the most common phrase in marketing, the marketing mix refers to the elements in the marketing tactics, they are price, product, place and promotion, also referred to as the four ps. A business can change how they market a service or product by changing one of the elements in the marketing mix. It is very important for business to pay attention to their marketing mix, since it is essential for marketing an item and will enable you to change how you market an item by changing one of the four ps. You can compare the marketing mix to a cake mix. All cakes contain eggs, milk, flour and sugar. However you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar. It is the same with the marketing mix. The offer you make to the customer can be altered by varying the mix elements. So for a high profile brand increase the focus on promotion and desensitize the weight given to price. In my business I will be targeting many different segments. In the marketing mix we use segmentation to focus on different groups of customers, we do this to aid our marketing mix. ...read more.

Middle

When the product is established then the rice is lowered and it becomes a mass-market product. Destroyer pricing - also known as predatory pricing. This is where firms charge prices that they know are unprofitable for their competitors and themselves. When the rivals are driven out of the market the firms increase their product. Price discrimination- this is where firms charge different prices to different consumers for the same product. Competition pricing- this is where firms have to charge similar prices to their competitors. It happens when there is a lot of choice but not much product differentiation-like petrol. Cost plus pricing: firms will use this method if they are not in price competition with their competitors The cost of the product plus the percentage mark-up - So if a product cost �2 and you want a 25%mark-up, you will sell it for �2 + (2 x 25%) = �2.50. Cost of product plus profit margin- so if a product cost �2 and you want a 20% profit margin, you will sell it for �2.50. In my business I will use competition pricing since there will be many other business selling clothes so I will have to charge similar to them, other wise if I were to charge higher people would not but from me and if I charged lower then I would make any profit at all. ...read more.

Conclusion

In my business I will use a couple of things to promote my business, I will put up an add in the local newspaper, as well as that I will put up an advertisement at the entrance of the mall where my shop is located. This is sure to grab the attention of my target audience. The reason I will be putting up an advertisement at the front of the mall is because since I am aiming to target customers who are living local and usually shop at the mall, so placing an advertisement at the entrance of the mall is the perfect way of advertising. I will also put up advertisement by my shop to catch the audiences attention, since many people who may not at the time be looking to shop in my store will walk past the advertisement and it will stay in their mind so at a later date when they or someone they know wants clothes or equipment they want, they will come to my shop. The disadvantages of having a poster in the mall and outside it, is that it wont be seen by people who depend more on the internet, or internet shoppers, they find all their supplies on the internet and will not see my shop, even so I still thin this is the most cost effective way of promoting my business. Joshua Shaw ...read more.

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