First of all, in no order, I will talk about the various elements of the marketing mix. Price is simply the amount a product is sold. It is the amount charged for a product. (Surridge and Gillespie pg.190). It has direct effect on the revenue and profit a business derives .Therefore the price should be so that the business can make maximum profit from the goods sold. There are various pricing strategies a business can practice in order to guarantee a successful product. Examples are value pricing, market penetration pricing, bundle pricing, predatory pricing, etc. (Surridge and Gillespie pg 208-209)
The second marketing mix is promotion. This is simply the communication to a potential customer about a product or service by one or more means (Surridge and Gillespie pg. 190). Letting people know about the goods and services in a positive way that will make them want to buy it. The promotion mix consists of a blend of advertising, personal selling, sales promotion and public relations, direct mail, branding and merchandising (Surridge and Gillespie pg 225-228).
Also, place is another element of the marketing mix .It can be defined as th...
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..., I believe that all the different elements of the marketing mix need to work hand in hand for the success in sales of any product. One cannot say because a product is of high quality, it should not be well promoted or because it is a cheap product it should not be found everywhere or because it is found everywhere is should not have quality. This shows that for the success of any product in the marketing, all the different elements of the marketing mix work together and complement each other.
Dominoes Pizza Smart Marketing [access at: http://www.tutor2u.net/blog/index.php/business-studies/comments/dominos-pizza-growth-strategy-part-3-smart-marketing/ ]
Ritz, Bryan , The added value of breakfast, Business Review, February 1 2007.
Surridge, Malcolm & Andrew Gillespie, AQA Business Studiesfor AS, London: Hodder Education, 2008. Chapters 26 - 30
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