MARKETING MIX An Intro

What are the 4Ps of marketing?

Product
This is all the factors relating to your design, specifications and features of your product. Products
have different aspects that help them sell. A business may alter its products to increase it appeal for
different customers.

Promotion
This means communicating something about your product. This could be that it exists, a new product
or special offer, or why people should by your product. The right form of promotion depends on the
product.

Price
When setting its prices, a business will have to think about its costs. A business wants to cover its costs
to make a profit, but needs to think about the effect that the price will have on demand. Generally, if
you raise your prices sales will fall but you make more profit on each item and vice versa. A small
business can't charge too much as it doesn't have a well-established brand.

Place
This refers to the way in which products are distributed. Is the internet used or a shop? Small
businesses don't usually have much money so the internet is a very important tool in getting your
product recognised by lots of people. A website can be mate very cheaply and be used to advertise to
customers.
§ A business's marketing mix will depend on factors such as your product, your competitor's
products, your target customers and your business's approach.
§ The MIX is expected to answer basic questions such as:

Ø What type of products do start up businesses offer and why?

Ø What are the different ways of promoting your business/product?
Ø What different ways could a start up business use and why?
Ø How do you think a new business should price it's products?
Ø When can they start raising their prices?
Ø Why is where you sell your product so important?
Ø Why is the internet so important to small businesses?

VIDEO 1
https://www.youtube.com/watch?v=zFENz_nnrq8&t=50s Marketing mix Song

VIDEO 2
https://www.youtube.com/watch?v=2X8Bd3-G6IU Marketing Mix Coca Cola Add

Ø Why was this advertising campaign so successful?

Ø Breakdown their marketing mix and explain the 4P's.

Post Mid-Term Breaks Assignment

– Activity: Please design and market your own product. Think about all the above relevant
factors.
– Plenary: Present your idea to the class.