Progression Diploma

The Marketing Mix

Research Exercise/ Homework

Search the Internet for a useful explanation of the term

–Marketing Mix

The 4 P’s AKA ‘marketing mix’

Product – fulfils customer needs and wants

Price – gives customer value for money

Promotion – customers must be aware that it exists

Place – for sale in a convenient place

1. Be Market Driven not Product Driven (market driven firms do best)

Market driven = use market research to find out what people want

Product Driven = design a new product then try to sell it

The Product – 5 Golden Rules

2. Know Yourself and Your Market

SWOT – helps a business analyse internal and external factors

Internal (within a business) – Strengths examples – good product range,

motivated employees– Weaknesses examples – inexperienced

employees, not enough products External (outside the business) –

– Opportunities examples – opening up of new markets, improving economic conditions.

– Threats – increased competition or worsening economic climate

The Product – 5 Golden Rules

3. Get the Detail of the Product Right

Design must be fit for purpose Product name must be catchy to

make it distinctive A good product range Packaging to help distinguish

product

The Product – 5 Golden Rules

4.Know Your Products Life Cycle

The Product – 5 Golden Rules

Launch (advertising

and sales promotions)

Growth (until product becomes

well established) Known as Maturity.

Development stage (Research & Development,

market research)

Saturated (sales at peak.

Firms might extend product life by extension strategy).

Decline and obsolete

5. Make your Product Different from the Competition

Product Differentiation compared to the competition

If you don’t have product differentiation people will only buy if it’s cheaper which means less profit

The Product – 5 Golden Rules

Exercise

Using the attached items apply at least two of the golden rules when attempting to market this product.

Use the flip-chart paper and pens provided.