2.4 the marketing mix pt2
- Created by: hanfa
- Created on: 18-12-20 22:34
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- 2.4 how the marketing mix is used:
- a judgement needs to be made to see the effectiveness of the marketing mix on a business and ask themselves: have sales increased? has stock been sold? has revenue increased? has profit increased?
- interpretation of market data:
- changes in demand: data shows if demand is rising or falling which can induce change to price, advertising, promotion or even introducing new products.
- target market: who the customers are and what they want to decide design, how much to charge, advertising, location, promotion.
- market share: the percentage of total sales in a market of the business and how its changing, to decide whether to change or maintain the current marketing mix,
- product changes: will indicate if consumers want different products and if those competitors are more or less successful.
- effect of promotion: how its affecting sales and profits to decide the effectiveness and make changes if necessary.
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