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.

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  • 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.

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