• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

The Marketing Mix - Description of the Marketing Mix

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Marked by a teacher

    The Marketing Mix

    3 star(s)

    I doubt many people look in the yellow pages for an internet caf�. Or I could advertise in the local newspaper - "The guardian". Here I got the quote saying "This would cost �49.80 plus VAT in lineage or �59.60 plus VAT in a small box".

  2. Peer reviewed

    marketing mix

    3 star(s)

    Once the business has seen who its target audience is and has made a suitable product that meets the needs of its target audience it should go ahead to promote the product. Promotion techniques are: Personal selling, Packaging and merchandising, Sales promotion, Advertising and public relations.

  1. Marketing mix

    The Pizza Hut 'product' is food associated with "nutrition", "fun" etc. Pizza Hut offers several services, the main elements are food preparation is tangibly distinguished by the uniformity of environment, color, and style of graphics and apparel, and the consistency of delivery.

  2. Strategic Marketing Report - Virgin Trains

    Discount Vouchers (often in newspapers) 2. Brochures and leaflets 3. Price Cuts and 'Sale' offers 4. Extra product (Buy one get one free) 5. Free Gifts - Toys in Cereal 6. Prize draws 7. Competitions 8. 'Give-aways' free pens, stickers, Hats, etc 9.

  1. Retail Marketing Case Study – The Body Shop and the Retail Marketing Mix

    This is inherent in the knowledge supplied by The Body Shop on a product's origins, its uses, whether it is part of the 'Trade Not Aid' scheme etc... For example, a customer can walk into an outlet and buy a body lotion and at the same time discover a story

  2. Business GCSE Unit 1, A1

    Mars like Cadbury are known for their chocolate, popular chocolate they produce is Mars Bars, Snickers, Twix's and Galaxy. Nestle also produce chocolate along with other things for example cereal and coffee. Nestle advertise and use their logo on all their products, where as Cadbury and Mars don't, for example

  1. Business Studies Coursework

    Do you like bright attractive colours on trainers? a) Yes b) No 2. Which of the following brands do you like? a) Nike b) Adidas c) McKenzie d) Fila e) Others 3. What is your age? a) 15-20 b) 21-25 c) 26-29 4) What is your gender? a) Male b)

  2. I have been asked to produce a marketing strategy for an existing or new ...

    This may cost Mercedes a lot of money to buy new machinery, but in the long run Mercedes will be better off for doing this as they will save money producing cars efficiently. The diagram below shows that Mercedes offer a product which is renowned for it quality at a competitive price.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work