Marketing Mix. GCSE Business Studies. Marketing. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. CIM's official definitions. The Marketing Mix – The Four Ps. Product Price Promotion Place. The Marketing Mix.
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Marketing Mix GCSE Business Studies
Marketing Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. CIM's official definitions
The Marketing Mix – The Four Ps • Product • Price • Promotion • Place
The Marketing Mix In order to achieve success all businesses must get the marketing mix right. This involves having the right product at the right price in the right place using the right promotional methods. These are known as the 4 P’s.
Product • Appearance • Function • Cost • USP • Market Position
Product Life Cycle • Research and Development • Introduction • Growth • Maturity • Saturation • Decline
Strategies to Extend Product Life Cycle • Modify the product • Change the packaging • Increase promotion • Reduce the price • Find new market • Encourage increased use of product
Legislation Relating to Products • Sale and Supply of Goods and Services Act • Consumer Protection Act • Food Safety (Northern Ireland) Order • Weights and Measures (Northern Ireland) Order
Pricing Policies • Cost Based Pricing • Skimming • Penetration • Competitor Based Pricing – • Market Led • Destruction
Factors that Affect Price • Cost of Production • Need to Make a Profit • Competition in the Market • Price which the Market can Bear • Season • Quantity of Stock in Hand
Relationship between Price and Demand • Demand is when consumers want a product and have the money to purchase it • Businesses want to know how much demand there will be for their products at different prices. • Demand for a product will be higher if the price is lower.
Methods of Promotion • Advertising • Informative • Persuasive • Sales Promotion • Coupons and Loyalty Cards • Competitions • Product Endorsements • Free Offers • Merchandising
Legal Controls on Promotion • Trade Descriptions Act • Consumer Protection Act
Place - Channels of Distribution Manufacturer Retailer Consumer Manufacturer Consumer Manufacturer Retailer Wholesaler Consumer
Factors Affecting Choice of Distribution Channel • Type of Goods • Value of Goods • If the Product is Perishable • Costs Involved
Key TrendsDistribution Channel • Growth of E-commerce • Growth of Call Centres • Growth of Retail Parks • Growth of Digital Television Shopping • Diversification of Products and Services Offered by Retailers