designing an effective marketing mix

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  • Created by: amy
  • Created on: 03-06-13 10:17

Key Terms

  • MARKETING MIX- the elements of product, price, promotion and place that form part of a firm's marketing in an effort to delight the customer.
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influences upon the marketing mix

Finance

  • marketing activities require large outlays of cash before any results are known and therfore a firm needs a strong cash flow position.
  • if a busines has a weak cash flow position then they might have to limit their promotional activities or cut back on the selling price to encourage higher sales of their product.

Technology

  • If a business is selling a technology advances product they are able to charge a higher price and the positive word of mouth should help to reduce the need for expensive promotional activities.
  • The use of technology such as databases of customer details will also help a business to accurately target customers via direct mail or email. It will also allow them to sell their products online with lower costs. 
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influences upon the marketing mix

Market Research

  • good market research informs a business about which elements of its marketing mix it needs to adjust to be competitive.
  • Research will help a business to understand their competition, possible substitutes for their products, changing tastes and fashions in the market, and whether they are better operating within a niche or mass market with product differentiation.
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