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The Marketing Mix - Description of the Marketing Mix

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Introduction

The Marketing Mix Description of the Marketing Mix: Marketing is the way in which a business promotes its products or service. Marketing is not solely selling the product; it is concerned with identifying customers and satisfying their needs/wants at a profit. Businesses have to sell what they produce/serve. To do this, marketing decisions must be made, which involve: PRODUCT - what products will be sold. PRICE - what price those products will be sold at. PLACE - where the best place to sell the product/service will be. PROMOTION - how the customers will get to know about the product. The above are known as the Marketing Mix. Market Research: Researching involves investigating a subject in order to find out about it. Market research takes two forms... QUANTITATIVE - finding out numerical information. Or information that is definite and precise - based on facts rather than opinions or choices. QUALITATIVE - finding out opinions and reasons for choices. This information can be collected using PRIMARY (field research) and/or SECONDARY information... 1. Desk Research (secondary). This involves the use of secondary data (information that is already available - on databases or business directories, etc.). ...read more.

Middle

Each respondent has an equal chance of being chosen. However, it can be hard to get a truly random sample. Suitably, respondents may be chosen by random numbers, or by picking names from a hat. * Systematic Sample - Selecting a single customer at equal intervals (e.g. every 100th or 1000th) from a list. However, it is not truly random, meaning the results could be unreliable. * Quota Sample - Taking a representive from each of the "segments" of the target market. For example, a car manufacturer might know that 7 out of 10 people who bought a particular car were aged 35-55. Therefore, the company would ask, out of a sample of 100, 70 people. However, anyone who fits the description is eligible and so the first 70 35 - 55 year olds the researcher asks may not be truly representative. * Stratified (Random) Sample - This is a quota sample in which the respondents are chosen at random. A sample can solve the problem described above, in which the respondents chosen by a quote sample may not be truly representative. Market Segments: When a business sell their products into markets, they gradually gain knowledge of these markets. ...read more.

Conclusion

will have a lot less money to spend than the teachers will. Therefore, products that are cheaper and yet still ornate would appeal to them, whereas the teachers will have a larger disposable income (money to spend) and would be interested in higher quality, executive-style products. However, that is merely an assumption. Until market research is carried, we will not know for sure. Which highlights another reason why market research is important. Our intentions are to carry out our market research in the form of a survey. Most probably, we will use a stratified random sample, in which we would ask, perhaps, a limited representation of people in each year. A way to ensure that the sample is random would have to be created. Perhaps, asking the first people from each year (and segment) we see. This would be relatively random. Alternatively, we could select a systematic stratified random sample, in which every 20th person on the registers would be selected. In our survey, it is important that we address the problem of knowing which specific products to sell, and so in it we shall have questions that would answer "what are we going to sell?" The questionnaire we have designed is included in this business plan, along with an analysis of the questions used in it. GCSE BUSINESS STUDIES MINI ENTERPRISE COURSEWORK PAGE X ...read more.

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