Marketing Mix Introduction (GCSE)
The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.
The marketing mix is often referred to as the "Four P's" - since the most important elements of marketing are concerned with:
- Product - the product (or service) that the customer obtains
- Price - how much the customer pays for the product
- Place – how the product is distributed to the customer
- Promotion - how the customer is found and persuaded to buy the product
It is known as a "mix" because each ingredient affects the other and the mix must overall be suitable to the target customer.
- High quality materials used in a product may mean that a higher selling price can be achieved
- An advertising campaign carried in one area of the country requires distribution of the product to be in place in advance of the campaign to ensure there are no disappointed customers
- Promotion is needed to emphasise the new features and benefits of a product
What makes for an effective marketing mix?
An effective marketing mix is one which:
- Meets customer needs
- Achieves marketing objectives
- Is balanced and consistent
- Creates a competitive advantage for the business
The marketing mix for each business and industry will vary; it will also vary over time.
For most businesses, one or two elements of the mix will be seen as relatively more important than the others, as illustrated below:
These intensive one-day exam coaching & revision workshops are designed to help AS Business students maximise their performance in the BUSS1 & BUSS2 exams later this term. Through a series of intensive sessions, we focus on and build techniques that enable students to meet the assessment objectives. The main focus on each session is BUSS2, but we'll also dip into key BUSS1 topics and develop effective exam technique proven to work for both exams.