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Marketing Mix (BBC Bitesize Revision) Business Studies 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. Marketing Mix 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 The luxurious perfumery at The Galeries Lafayette Department store in Paris only sells premium brands 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 means goods and services have a limited product life cycle. Ideally, the marketing mix is adjusted to take account of each stage. For example, the life of a product can be extended by changing packaging to freshen a tired brand and so boost sales. Market stalls generally sell inexpensive items There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives. The overall marketing mix is the business’ marketing strategy and is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%. Consumer protection Businesses must must never be misleading about their products The law gives customers protection against unfair selling practices. You do not need to know specific Acts but you do need to understand how fair trading regulations protect consumers. The consumer has basic legal rights if the product is: • given a misleading description • of an unsatisfactory quality • not fit for its intended purpose Sale and Supply of Goods Act 1994 This Act says that all products have to be of a 'satisfactory quality'. This means that they have to: • • • • be safe last for a reasonable amount of time be fit for their intended purpose have nothing wrong with them (unless the defect was noted at the time of sale) Trade Descriptions Act A fake Rolex watch According to the Trade Descriptions Act, false or misleading information must not be given about products. For example, accurate information must be given about who made the product. Fake designer goods that are marketed as genuine are a clear breach of the Trade Descriptions Act. Consumer Credit Act 1974 This Act protects you when you borrow or buy on credit. The Consumer Credit Act states that: • Businesses must have licences to give credit. • No one under 18 is to be invited to borrow or buy on credit. • Businesses have to state an Annual Percentage Rate (APR). If you sign a credit agreement at home you have several days in which you can tear up the agreement. This is called a 'cooling off period'.