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BTEC Level 3 Business - Unit 12 - P1
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BTEC Level 3 Business - Unit 12 - P1
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Describe the Role Internet Marketing has Within a ModernMarketing Context
Marketing is essential for businesses that want to compete successfully. It tells
the business how their products would meet the needs of customers. The
internet not only helps with this, but it also changes what businesses are able
to do.
The original marketing mix is a combination of four P’s, which are; Product,
Price, Place, and Promotion.
Product is what a business sells to its customers. A product is a combination of
features and benefits. Features are what a product does or what it is made of.
Price is how much customers pay for a product. The price you charge depends
on the quality of your product, demand from customers and your competitors.
You must be aware that if you charge too much people may not want to buy
your products; but if you charge too little then you won’t make a profit and it
may make the customers feel that the quality of the products is low.
Place is where the products are made available to customers. A business must
decide on the most cost-effective way to make their products easily available
to customers. This involves selecting the best channel of distribution. Products
could be made available online or in a store, but you must decide on which
option is more appropriate for your business and your products and target
market.
Promotion is how businesses communicate with potential customers. It refers
to methods used by businesses to make customers aware of their products.
Once the other elements of the Marketing Mix have been established, various
promotional strategies are then used to create awareness of the products.
Nowadays we live in a ‘service economy’. Most businesses work to offer
services. Marketing services is different to marketing products. The extended
marketing mix has an additional three P’s which are; People, Processes, and
Physical evidence.
People are at the centre of service delivery. All companies are reliant on the
people who run them. It is essential to have the right people as they are as
important to the business as the products and services being offered.
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