The marketing mix
A company needs to consider the marketing mix in order to meet their consumers' needs effectively.
Elements of the marketing mix
The marketing mix is the combination of product, price, place and promotion for any business venture.
No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point [Unique selling point: The unique thing about the product that makes consumers buy it. This can be branding, packaging or a feature of the product. ] that makes their products stand out from the competition.
Using the marketing mix
An exclusive brand of jewellery uses the best materials but comes at a high price. Such designer brands can only be bought at exclusive stores and are promoted using personal selling sales assistants. By contrast, cheap and cheerful jewellery for the mass market is best sold in supermarkets and can be promoted using television adverts.
Market research findings are important in developing the overall marketing mix for a given product. By identifying specific customer needs a business can adjust the features, appearance, price and distribution method for a target market segment.
New technologies and changing fashion…