Using the marketing mix

Elements of the marketing mix

Price of the product - includes the prices charged for different versions of the product (e.g. different-sized bottles)
Product - Includes the physical features and specifications of the product (what does it do), its design, how reliable it is, how long it lasts for, what guarentees are provided and what after sales service is provided
Place - Refers to the distribution channel, that is how the ownership of a product moves from the producer of the product to the final customer
Promotion - advertising; involves paid communication, public relations; free coverage of a businesses activities, sponsership deals, sales promotions; special offers (BOGOF), and sales teams; contact potential customers or distributors
People - those involved in the transaction - for example, those who answer to your enquiries or the people who serve you in a shop
Process - refers to how you actually buy the product - a customers satisfaction with a good or service can be affected by the process that is involved in buying it or paying for it
Physical envrionment - refers to the physical premises of a business and how carefully it is has been designed

Changes in the marketing mix

Internal
- Changes to the financial position - might affect investment in new product development or promotion
- Changes to staff bringing about new marketing opportunities
- Changes to operations - for example, greater efficiencies might enable lower prices
- Changes to objectives - May set new targets or objectives of the business
External
- Politcal and legal factors
- Economic factors
- Social factors
- Technological factors
- Competition

Influences on the marketing mix

Types of products;
- Consumer products - bought by individuals for personal consumption - as a result, promotional activity may have to reach a large number of people and may justify national advertising
- Industrial products - sold to businesses, which sue them in their own processes - packaging and branding is less important, and will want to understand exactly how the product represents value for money and how it helps business improve their competitiveness
Types of consumer products;
- Conveniance items - Products such as milk, bread and newspapers, which are widely distributed and easily accessable - ensuring the products are widely available is crucial of the success of these products, as there is likely to be a number of substitutes
- Shopping goods - Products where customers compare features and price between different options and may take some time before deciding which one to buy - sort of products you might visit several stores before deciding which brand to buy
- Speciality products - Products such as sports cars or a rolex watch - customers may have been looking at the item for a while and are willing to travel to access the product - brand is crucial, as will be the physcial environment
An analysis of what…

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