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Marketing Mix


The Marketing Mix covers the way a business use product, price, promotion and place to market and sell
its product. Also known as the 4Ps'.

Definition: The integration of product, place, promotion and pricing designed to achieve the marketing
objectives of the business.

An effective mix....

achieves marketing…

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Ideas stage: Market researchers look for a gap in the market and figure out how a new product
can best meet customer needs.
Screening stage: The business analyses the idea for the new product to see if its easy to market,
and to see if it'll make profit. It also…

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for it, or finding new markets. (Usually used when a product is at the end of the maturity stage and is at
the beginning of the decline stage.)



Promotion
Definition: Bringing a product or range of products to the attention of existing and potential customers.

Tapping into our subconscious mind.…

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Advantages: Orders can be collected and delivered, features and functions of product can be
fully explained, feedback can be gathered directly,
Disadvantages: Expensive to maintain a sales team, some customers dislike "cold callers", there
are legal issues to protect consumers from being intimidated by forceful people.



Merchandising:
Advantages: Often target…

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Loss leaders: Products sold at less than cost to attract customers to a product range.

Psychological pricing: The use of odd number pricing to increase the value-for-money appeal of a
product.

Price elasticity of demand (PED): The sensitivity of demand to the change in a product's price.

Price inelastic demand:…

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Place
This element of the marketing mix is concerned with the distribution of the product to the purchaser.

*Key terms:

Distribution channel: Method by which a product is sold to the customer.

Direct sale: Where no intermediaries are used.

Intermediaries: Organisations involved in the distribution of goods and services on…

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Competitors
Market coverage
Control
The marketing mix
Volume of sales

Comments

davidsalter

This is a comprehensive set of notes covering the whole marketing mix in bullet point form. It can be used as notes or adapted for your own use. Includes the boston matrix and product life cycle.

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