Lecture notes
Marketing Mix
- Institution
- CCEA
A look at the 7P's of the marketing mix, including types of pricing, promotion and marketing.
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Marketing Mix This is a marketing tool that will help you achieve your objective.
Definition: The elements of an organisations marketing plan that are designed to meet the
needs of its customers.
Marketing Objectives:
To target a new market or segment.
To achieve or maintain market share.
To develop a range of products.
To increase profitability or revenue.
To improve or change the image of a product.
To develop a brand's value.
Product:
The product must meet what the market demands.
Clever marketing won't create demand but it may awaken latent demand but it cannot create
demand when the public do not wish to purchase the product of service being offered.
A product must be produced that people want which is either brand new or a modified existing
product. To get the product, product development must be carried out through market research and
a prototype which is expensive and adds to the overall costs the business faces.
In today's market meeting needs of the consumer and high quality isn't enough, the product has to
exceed customer needs and delight the customer.
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