Marketing mix
The marketing mix is a phrase used to describe all the factors used by a company to influence a customer to buy their product.
The main four aspects of the marketing mix are:
- product
- price
- palce
- promotion
Product
A product is a good or service that satisfies some wants and needs of customers.
To create a successful product a business has to develop the product in a way that will meet this need well.
Market research is used to provide information for businesses to help them develop successful products.
Customers are more likely to purchase the product if it is useful and of good quality.
As part of the products development a business needs to decide the products name and how it is packaged.
Price
The price is the amount of money a customer is willing to pay for a product or service.
It鈥檚 important that the price is competitive with similar products or services.
The price must also reflect the quality of the product. A high price is likely to result in fewer sales but sometimes customers associate a high price with a quality product and are willing to pay it.
Place
The place is the location where a customer will find, study and then buy the product or service from.
The traditional way for customers to access a product is through a shop. However more and more customers are using the internet to order products which are brought to their home or place of work by delivery services.
Getting the right product to the right place at the right time is important. It鈥檚 essential that businesses find the right distribution system for their products or services.
Promotion
There are many promotional strategies used by small businesses to try and persuade people to purchase their goods or services.
How a beauty salon uses promotions to inform customers about their products
Advertising - Goods and services are often advertised on television or radio to inform customers about the product.
Special offers - These can include buy one get one free (BOGOF) or a discounted price such as 10% off. These offers can often attract new customers or encourage existing customers to buy more of the product.
Free samples - If customers are given free samples of a product to try, it may encourage them to buy the full-size version of the product.