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Transcript
Marketing Mix What do Marketing Departments do? • They need to focus on the customer and understand who their customers are. • They must identify the customers needs • They must anticipate their needs in the future • They must also meet those needs when the customer requires it. McDonalds How have they done this recently? Any business must consider the Marketing Mix • The combination of factors that helps a business sell its products. • There are 4 parts. This is commonly known as the 4p’s: • Price • Product • Promotion & Place Price • The price of a product must reflect the value that the customer places on the product. • Think about low cost airlines, designer goods, costume jewellery, fast cars. • Price is important, it will have an effect on profit Bahrain Spring Water • Group Task Product • The product must meet the customer needs. • Segmentation is important to think about here. • The product must also do what it claims to do. Toyota cars at the moment!!! Promotion • Customers need to know that a product exists and is available to purchase. How did Cadbury’s relaunch Wispa? Types of Promotion? Place • Having a product available when they want it, and where they want it. • For businesses this will be getting their products into the right stores: • Reggae Reggae sauce at Sainsburys • Bean2Bed at John Lewis Differences in the Marketing Mix • A marketing mix will be different for every business and every sector of industry. • Any product has to be marketed at the right consumer, at the right price and convey the correct image. Task Further Tasks • Test Yourself Page 94 • Over to you Page 95
