Business Studies - Marketing Mix

Business Studies - The Marketing Mix - Questions 5-9 All businesses offer some form of service as part of the product that they supply to customers. This is true of businesses supplying manufactured goods, as well as those that only supply services. By meeting (or exceeding) customers' expectations, businesses can improve their image and establish a reputation for supplying products with high -quality characteristics. The features of quality service include: * Making sure the customer is safe - This is crucial for a high profile business like IKEA otherwise the media will be straight on to them issuing bad press against them, potentially giving IKEA a bad name, furthermore the customer may wish to take legal action if he/she feels mistreated by IKEA. Again causing problems for IKEA. * Delivering good customer service - Decisive for IKEA to maintain the good name they have, customers in this day and age will not accept poor service, otherwise it's likely they will look elsewhere. * Improving the quality of the product - Its important IKEA continue improving the quality of there products otherwise customers will begin to lose interest in the company due to its lack of creation and continued progress; customers want to see new/improved products on each visit they make to IKEA. * Making sure the customer is not kept waiting - If IKEA let customers wait for there service,

  • Word count: 3430
  • Level: AS and A Level
  • Subject: Business Studies
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AVCE Business marketing mix

AVCE Business The Marketing Mix Brief Five All businesses need a marketing mix to achieve its marketing objectives. The marketing mix refers to the factors known as the four P's * Product * Place * Price * Promotion In marketing, product refers to both goods and service. Goods are physical objects, such as sports clothing, home entertainment equipment or food and drink. Services involve a combination of skills, information or entertainment, such as football match, use of a swimming pool or a theatre production. There are three critical factors to consider when developing a product: * Product characteristics * Position of the product within the product life cycle * Brand image of the product Without one of these three factors the product will not sell to its potential. Product characteristics like the brand are very essential when developing a product. Branding is the process that gives a product or service a distinctive identity with the aim of creating a unique image that will make it easily identifiable and separate from its competitors. For example, in blind tests 51 per cent of people prefer Pepsi. However, when customers can see the brand that they are drinking, 65 per cent say that they prefer Coca-Cola. What these 65 per cent of people are in fact saying is that they prefer the brand represented by the Coca-Cola image rather than the product itself.

  • Word count: 3790
  • Level: GCSE
  • Subject: Business Studies
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The Marketing Mix in a Changing Business Environment

Nehat Krasniqi, BAMA Year 1 Marketing & Advertising - Assignment One The Marketing Mix in a Changing Business Environment 06/02/2003 The Basic Idea of Marketing as an exchange process has it's root in very ancient history, when people began to produce crops or goods surplus to their own requirements and then to barter them for other things they wanted. Elements of marketing, particularly selling and Advertising have been around as long as trade itself, but it took the industrial revolution, and the development of mass production techniques and the separation of the buyers and sellers to sow the seeds of what we recognise as marketing today. Marketing has become a comprehensive and integrative field, highlighting the potential for conflict between marketing and other internal functions. By showing that marketing can work with other functions, many successful organisations such as Sony, Nestle, Unilever ensure that all the functions within their organisation focus on the customer, by doing so the organisation is give every department a role in marketing. These organisation have embraced a Marketing philosophy that permeates the whole enterprise, and places the customer firmly at the centre of their universe, they have understood that organisations do not exist for their own sake, they exist primarily to serve the needs of the purchaser and the user of their goods and

  • Word count: 1173
  • Level: AS and A Level
  • Subject: Media Studies
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Marketing Mix

Marketing Mix A Marketing Mix is the combination of product offerings used to reach a target market for the organization. The marketing mix comprises the Product (what the actual offering comprises), Price (the value exchanged for that offering), Promotion (the means of communicating that offering to the target audience, promotional mix) and distribution (also known as Place, the means of having the product offering available to the target audience). The marketing mix is also known as the four Ps. The combination of the 4Ps that creates an integrated and consistent offering to potential customers that satisfies their needs and wants. The marketing mix approach is one model of crafting and implementing marketing strategies. It recognizes that marketers have essentially four variables to use when crafting a marketing strategy and writing a marketing plan. They are price, promotion, product and distribution (also called placement). The Marketing Mix Explained In order for your business to sell its products and services as successfully as possible, you need to look at what products you are selling in detail to ensure they will be attractive and needed; the price to ensure it is not too cheap or too expensive; where you are best distributing your product; and finally, how you can create interest and awareness for your products. All these elements need to be targeted at the

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  • Level: GCSE
  • Subject: Business Studies
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Business Aims and Objectives and the Marketing Mix

Sheridan Ireland 0th September Aims and Objectives. What are aims and objectives? What defines an aim is a long term cooperate aim that an organization intends to achieve; it’s the overall purpose. For instance, a business may want to make additional income in comparison to the previous year. In addition to this corporate aim, a business might consider increasing their receipts by putting offers on specific products or advancing their promotion to inform their target audience and raise awareness and interest; this is considered to be the businesses objective. Objectives are considered to be targets which help support the corporate aim and intend to help the business meet their corporate aim in the long run; they’re the outcomes needed in order to achieve the corporate aim. Business’ produce aims and objectives for a number of reasons, which may range from survival to growth. A business objective is a detailed picture of a guide you plan to take in order to achieve a stated, long-term aim. A set of objectives for a smaller, newer business who desires to survive may be to create a regular customer base, gain a small share of a market, etc. in order to create additional profit/revenue that can be put into the capital to be used for advance the business. However for a bigger, existing organization this may be to provide a better service level in comparison to its

  • Word count: 4081
  • Level: AS and A Level
  • Subject: Business Studies
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Design a small scale marketing plan and formal report for a small business.

Terms of reference 3-4 Action Plan 5 Marketing 6 Market Research 7-15 -What is market research 7 -What is field research 7 -What is desk research 8 -Desk research 9-10 -Questionnaire 11 -Questionnaire results 12-15 Marketing Mix 16-18 -shop design 19 -front of shop 20 interior of shop 20-21 Product Life Cycle 22-24 -Boston Matrix 25-26 Promotion Techniques 27-32 Channels of Distribution 33-34 Consumer Law 35 Conclusion 36-38 Recommendations 39-41 Bibliography 42 Webliography 42 Jack has decided to open a greetings card shop in Hounslow town centre, however similar businesses already exist within the area, and in order for him to be successful and attract customers I am going to design a small scale marketing plan and formal report. Jack is a sole trader and who is setting up a small business and he should be aware of the following advantages and disadvantages of being a sole trader. The advantages are that it is easy to set up, less capital is required, speedy decisions can be made as few people are involved, personal attention is given to business affairs, can cater for local people, profits do not have to be shared and business affairs can be kept private. The disadvantages are that you have unlimited liability this means that there is no limit on the

  • Word count: 11225
  • Level: GCSE
  • Subject: Business Studies
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Marketing Mix.

Marketing Mix The most important thing about marketing is to identify what the consumers' needs are, and then try to meet them. This is called consumer-orientation. To find out what these needs are, a firm's marketing department or a specialist research organisation carry out extensive market research. The 4Ps and the marketing mix The 4Ps are the ideas to consider when marketing a product. They form the basis of the marketing mix. Getting this mix right is critical in order to successfully market a product. The 4Ps are: . Product 2. Price 3. Promotion 4. Place If market research is carried out effectively, a company can plan a promotion for the right product, at the right price, and to get it to their chosen market, in the right place. Product A product can be either goods or a service that is sold either to a commercial customer or an end consumer. A customer buys a product, and a consumer uses it. Sometimes these are one and the same, as an industrial firm can also be a customer and a consumer. For example, British Airways might buy aeroplanes from British Aerospace, so it is a customer. It won't sell on the planes to another buyer, as BA needs the planes to provide its service, so it is also a consumer. Sometimes a wide product range covers both (Mercedes produce lorries for haulage companies, and cars for domestic use). More commonly, there will be a

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  • Level: GCSE
  • Subject: Business Studies
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marketing mix

What is meant by the Marketing Mix? Do you think that the original form of the Mix needs any changes in it if it is applied to service industries? The term marketing mix refers to the four major areas of decision making in the marketing process that are blended to obtain the results desired by the organization. The four elements of the marketing mix are popularised by McCarthy in 1960. The marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market (P.Kotler). Each element in the marketing mix is-product, price, promotion, and place. Marketing managers make numerous decisions based on the various sub-elements of the marketing mix, all in an attempt to satisfy the needs and wants of consumers. The first element in the marketing mix is the product. A product is any combination of goods and services offered to satisfy the needs and wants of consumers. Price is simply the amount of money that consumers are willing to pay for a product or service so it is an important element of the mix. Promotion is used to create awareness and stimulate demand and the most visible of 4 Ps in the marketing mix. Promotion is a communication process that takes place between a business and its various publics. Publics are those individuals and organizations that have an interest in what the business produces and offers for sale. Thus, in

  • Word count: 484
  • Level: University Degree
  • Subject: Business and Administrative studies
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Marketing Mix.

Tom O'Connor Cyril Rayan MKT/421 September 23, 2003 Marketing Mix Marketing mix is a term used by businesses to promote their products or services. The various elements to the marketing mix are referred to as the four P's: Product, Place, Price, and Promotion (Fastlink). These aspects are how customers learn about a company's products or services. The Product portion of the marketing mix refers to the researching of consumers' product needs and coming up with a product that has the characteristics to accommodate those needs. This is a very important element of the marketing mix because it directly involves creating products and services that satisfy consumers' needs and wants. The Place portion of the marketing mix equation has to do with making the product available when it is desired and at a convenient or proper location. The product needs to be made available in sufficient quantities to satisfy customer needs. Putting the product in the customers' hands can be the factor that makes the sale. The Price facet of the marketing mix is relative to the activities associated with establishing pricing policies and determining product prices. Price is a critical component of the marketing mix because consumers are concerned about the value obtained in an exchange. Price is also an important factor when considering the competition. The Promotion variable relates to

  • Word count: 883
  • Level: University Degree
  • Subject: Business and Administrative studies
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marketing mix

Running head: MARKETING MIX PAPER Marketing Mix Paper University of Phoenix Sustainable Customer Relationships - MBA 570 Marketing Mix Paper The 4 P's, also known as the marketing mix, is a concept created by Neil H. Borden. According to author Laura Lake, "your marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives" (Lake, 2009, ¶ 1). The four variables that make up the 4 P's are Product, Price, Place (Distribution), and Promotion. This paper will further detail each element of the 4 P's and will provide a description of Caterpillar Inc., and how each element of the marketing mix impacts the development of Caterpillar's marketing strategy and tactics. Organizations must understand that creating an effective marketing mix will require experimenting and market research in order to see increased results. By using variations of the 4 P's, organizations will gain the ability to reach a magnitude of consumers within their targeted market. Furthermore, the 4 P's were designed to focus on an organization's target customers to identify the value of the product or service and to determine how well the product or service will be received. Product The first variable, Product can be defined as the products or services an organization offers to its customers. Product is concerned with creating the right product or service for

  • Word count: 1374
  • Level: University Degree
  • Subject: Business and Administrative studies
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