The Marketing Mix

The Marketing Mix

Description of the Marketing Mix:

Marketing is the way in which a business promotes its products or

service.

Marketing is not solely selling the product; it is concerned with

identifying customers and satisfying their needs/wants at a profit.

Businesses have to sell what they produce/serve. To do this, marketing

decisions must be made, which involve:

PRODUCT - what products will be sold.

PRICE - what price those products will be sold at.

PLACE - where the best place to sell the product/service will be.

PROMOTION - how the customers will get to know about the product.

The above are known as the Marketing Mix.

Market Research:

Researching involves investigating a subject in order to find out

about it. Market research takes two forms…

QUANTITATIVE - finding out numerical information. Or information that

is definite and precise - based on facts rather than opinions or

choices.

QUALITATIVE - finding out opinions and reasons for choices.

This information can be collected using PRIMARY (field research)

and/or SECONDARY information…

1. Desk Research (secondary).

This involves the use of secondary data (information that is already

available - on databases or business directories, etc.). This

information can come from within the business, or from outside:

From outside the business…

This information comes from sources outside the business. It can mean

researching other products in the market, or sometimes even finding

out about another company.

In our case, it means e-mailing companies and researching the products

that they have on the market, via the Intern...

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... Our intentions are to carry out our market research in the form of a

survey. Most probably, we will use a stratified random sample, in

which we would ask, perhaps, a limited representation of people in

each year. A way to ensure that the sample is random would have to be

created. Perhaps, asking the first people from each year (and segment)

we see. This would be relatively random. Alternatively, we could

select a systematic stratified random sample, in which every 20th

person on the registers would be selected.

In our survey, it is important that we address the problem of knowing

which specific products to sell, and so in it we shall have questions

that would answer "what are we going to sell?"

The questionnaire we have designed is included in this business plan,

along with an analysis of the questions used in it.