marketing
digital marketing
marketing 101
marketing strategies
email marketing
marketing strategy
marketing show
social media marketing
marketing analytics
marketing tips
what is digital marketing
Content Marketing
Affiliate Marketing
marketing basics
Marketing Funnel
Business Market...
, What is the role of marketing?
Marketing is the business function that aims to identify, influence then satisfy consumer
wants profitably.
In small businesses, owners are able to hear first-hand about the needs and wants of the
target market
In large businesses, formal research is undertaken to identify consumers’ wants and needs,
designing of products and services to match consumers’ preference and a launch of
marketing mix must be decided.
THE MARKETING MIX
The marketing mix is the balance between the four main elements of marketing needed to
carry out the marketing strategy – product, price, promotion and place
Components of the marketing mix
Product – identify the right product
o To make it appealing and distinctive – must understand fully both its customers and
its competitors
Price – setting the right price
o Low prices or special discounts may not be the right strategies
Promotion – creating the right image for the product and present it to the right target
audience
o Media advertising and other forms of promotion
o Specific markets can be reached at far lower cost by more careful/ specific
targeting
Place – how to get your product to the place where consumers can be persuaded to buy
o The location of the product is important – placement by the till is a prime position
for purchases bought on impulse
How is the marketing mix used?
Develop ideas about how and where to market a product or service
Decide marketing actions that need to be taken under each headings
Set the marketing mix based on a balance between cost and effectiveness – coordination
Successful marketing mixes succeed in putting the strategy into practice
o For each market situation there will be a different mix
Vary according to the market in which the firm is operating – different
attitudes and tastes of target market
Regular purchases – product, promotion and price
Impulse purchases – place and promotion (and attractiveness of
packaging)
Emergency purchases – product and place
o Within each market there may be many different segments
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