The Marketing Mix

703 Words3 Pages
The Marketing Mix "A term used to describe the way in which businesses mix together elements that go into a successful sale of a product" (Mr. P. Neill) Market research helps a business to discover what consumers want or may want in the future. Marketing helps it to satisfy their wants and hopes. To market my products profitably for my business, I have to consider four main factors: ~ The product, or the kind of good service provided; ~ The price, or what the customer can be charged; ~ Promotion, or how customers will hear about the product; ~ Place, or how the product will be distributed These are known as the four P's. The Product =========== Although all the four P's are important, the product is even more important than the others. Without the product, there could be no price, no place, no promotion. The product is the basis of the whole marketing process. Each product has some features, which distinguish it from similar products. Manufacturers use these features to differentiate their goods, or make them different, from their rivals' products. For example: ~One clothes manufacturer may use better materials than its rivals. Another may have better workmanship. ~One computer manufacturer may install a 24-hour, unlimited-use hotline for its customers. Another may have its hotline functioning for only eight hours a day. ~ One computer manufacturer may give a one-year guarantee; another may give a two-year guarantee. At one time there were many goods, such as milk, which were not differentiated. Now there are skimmed, semi-skimmed, extended life, long-life and other kinds of milk to appeal to various subgroups in the market segment. The Price --------- Prices are one of the most powerful weapons in modern marketing. In the past, most prices were based on the cost-plus pricing method. This was calculated by the following formula: ~ Unit cost+overheads+mark-up=Selling price. Other factors in pricing: ~ Supply and demand. This has a big influence on prices in the primary

More about The Marketing Mix

Open Document