The Marketing Mix

by lucycarrick03gmailcom | Tuesday 17th of January 2023

The Marketing Mix

The marketing mix is the combination of product, price, promotion and place that a business uses to develop successful goods or services. A business hopes that the right combination will appeal to their customers, enabling them to achieve their business objective which, for private sector businesses, is usually to make a profit. Each part of the mix is equally important. The most appealing product in the world is unlikely to be successful if it is not promoted to its customers correctly, or if it is not made available to its customers in the right place. Similarly, a business may develop a wonderful promotion, but have a product that fails to meet the needs of the customers the promotion is aimed at. 

Students must be able to recognise, analyse and evaluate the marketing mix for any business presented to them in a case study- as it is central to understanding a business. They must be able to recognise where there are inconsistencies- e.g. a high quality product advertised at a low price in a down market publication. 

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