Business Studies-The Marketing Mix

Based around the Business studies book by Malcom surridge and Andrew Gillespie and detailed description on the four p's of the marketing mix.

HideShow resource information
View mindmap
  • The Marketing mix
    • Price
      • Payment types e.g in installments or upfront or buy credit card or cash
        • Can they get a discount if buy in bulk?
      • Price at which customers are willing to pay.
      • Price Compared to customers?
      • Does it represent value for money?
      • Good value for money isn't always low priced products.However it could be good quality products.
      • So a business will think carefully about it's cost.As it wants to cover it's cost to make a profit.
        • Some business will aim for a low-price but more sales.
        • Whereas some will aim for a higher price a larger profit but will most likely make less sales.
      • Smaller business will need to be seen as having a reasonable price.So there price may be lower as an effect.
    • Product-refers to all the factors of the product being sold.
      • Some product e.g Apple will have a distinctive design which will attracted a great deal of customer interest.
      • However Some products will be consistent E.g Mcdonalds. where ever in the world.
      • Some will be long-lasting e.g Duracell batteries.
      • These are all aspects of the product which help to to sell and be successful
      • Some business will try and appeal to audience different such as harry potter books with different covers for adults and children.
    • Promotion
      • Letting people know your business exist.
      • Information about a new product or a special offer.
      • Or highlighting the difference between your product and competitors.
      • Business's promote in different ways such as on television or newspapers it really depends on the size of the business and the money available for promotion.
    • Place
      • This is the way products are distributed.
        • They could be sold straight to customers or via shops.
        • So do they go through a wholesaler or straight from the factory?
        • What are the stores like do they reflect the product such as well design a new or old look or low/high cost.
    • The marketing mix influences wheater or not a customer buys a product.


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing mix resources »