{"id":90,"date":"2023-03-01T10:44:57","date_gmt":"2023-03-01T10:44:57","guid":{"rendered":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/?page_id=90"},"modified":"2023-03-01T10:44:57","modified_gmt":"2023-03-01T10:44:57","slug":"marketing-mix","status":"publish","type":"page","link":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/marketing-mix\/","title":{"rendered":"Marketing Mix"},"content":{"rendered":"<p>For marketing to be successful, an organisation has to combine a successful mix of the right <span style=\"color: #ff0000\"><strong>product<\/strong><\/span>, sold at the right <span style=\"color: #ff0000\"><strong>price<\/strong><\/span>, in the right <span style=\"color: #ff0000\"><strong>place<\/strong><\/span>, using the most suitable methods of <span style=\"color: #ff0000\"><strong>promotion<\/strong><\/span>.\u00a0 The elements of marketing used by organisations are known as the 4 Ps:<\/p>\n<ul>\n<li><span style=\"color: #ff0000\">Product<\/span> \u2013 the good or service offered.<\/li>\n<li><span style=\"color: #ff0000\">Price<\/span> \u2013 the amount charged to consumers.<\/li>\n<li><span style=\"color: #ff0000\">Place<\/span> \u2013 the location or method of distribution.<\/li>\n<li><span style=\"color: #ff0000\">Promotion<\/span> \u2013 how to inform, remind, persuade<\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\">Product<\/span><\/h2>\n<p>The <strong><span style=\"color: #ff0000\">product<\/span> <\/strong>is the good or service that has been produced \u2013 it must meet the wants and needs of the customer.<\/p>\n<p>Different customer\u00a0groups have different requirements so most businesses will produce different versions of the products for different market segments.\u00a0 For example Kelloggs have Frosties for children, Special K for the weight conscious.<\/p>\n<h2><span style=\"color: #ff0000\">Price<\/span><\/h2>\n<p>The <span style=\"color: #ff0000\"><strong>price<\/strong> <\/span>is the amount that consumers must pay for a product.\u00a0 Lower prices usually lead to higher sales volumes and vice versa.<\/p>\n<p>Profit levels are not <em>entirely<\/em> linked to the number of sales however as a high profit mark-up on a lower sales volume can be more profitable than a low profit mark-up on a high sales volume.<\/p>\n<h2><span style=\"color: #ff0000\">Place<\/span><\/h2>\n<p>Organisations must decide where and how they will distribute their product to their customers.\u00a0 This involves making decisions on:<\/p>\n<ul>\n<li>The location of the business \u2013 manufacturing or retailing;<\/li>\n<li>The method of distributing (transporting) finished goods to customers.<strong style=\"font-size: 1rem\">\u00a0<\/strong><\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\">Promotion<\/span><\/h2>\n<p>Promotion aims to:<\/p>\n<p><strong>\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad<span style=\"color: #ff0000\">Persuade<\/span><\/strong> <em>the customer to buy the product &#8211; <\/em><em>e.g. <\/em>L\u2019Oreal cosmetics \u201cYou know you\u2019re worth it\u201d<\/p>\n<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104208\/loreal.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-92 aligncenter\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104208\/loreal.jpg\" alt=\"\" width=\"225\" height=\"100\" srcset=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104208\/loreal.jpg 337w, https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104208\/loreal-300x134.jpg 300w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\"><strong>Inform<\/strong> <\/span><em>the customer about the product\/service &#8211; eg. political party broadcasts<\/em><\/p>\n<hr \/>\n<p><strong><span style=\"color: #ff0000\">Remind <\/span><\/strong><em>the customer that the product exists &#8211; <\/em><em>e.g. <\/em>Heinz baked beans (first sold in UK in 1886)<\/p>\n<h2><span style=\"color: #ff0000\">Methods of Advertising<\/span><\/h2>\n<p>Businesses can advertise in a number of different ways and will choose the method most likely to reach their target customer (i.e. who the product is for).\u00a0 The most common examples include:<\/p>\n<ul>\n<li>TV<\/li>\n<li>Radio<\/li>\n<li>Social Media<\/li>\n<li>Magazines<\/li>\n<li>Cinema<\/li>\n<li>Product Placement<\/li>\n<li>Pop-ups in games<\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\">Sales Promotions<\/span><\/h2>\n<p>These are ways other than advertising of encouraging consumers to buy:<\/p>\n<ul>\n<li>Special Offers e.g. BOGOF<\/li>\n<li>Free samples\/gifts<\/li>\n<li>Vouchers\/coupons<\/li>\n<li>Competitions<\/li>\n<\/ul>\n<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104040\/sales.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-91\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104040\/sales.jpg\" alt=\"\" width=\"172\" height=\"172\" srcset=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104040\/sales.jpg 225w, https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104040\/sales-150x150.jpg 150w\" sizes=\"auto, (max-width: 172px) 100vw, 172px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><\/h2>\n<h2><span style=\"color: #ff0000\"><a style=\"color: #ff0000\" name=\"_Toc36641894\"><\/a>Celebrity Endorsement<\/span><\/h2>\n<p>This is when an organisation approaches celebrities\/influencers to appear in adverts or to be seen using their products\/service on social media.\u00a0 The celebrity must make it known and clear if this is a paid sponsorship when promoting on social media.<\/p>\n<p>Examples include:<\/p>\n<ul>\n<li>Gary Lineker \u2013 Walkers Crisps<\/li>\n<li>Jennifer Aniston \u2013 Aveeno<\/li>\n<li>Kardashian Family \u2013 Lumee Phone Cases<\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\"><a style=\"color: #ff0000\" name=\"_Toc36641895\"><\/a>Sponsorship:<\/span><\/h2>\n<p>Supporting an event, activity or organisation by providing money or other resources that is of value to the sponsored event. This is usually in return for advertising space at the event or as part of the publicity for the event.<\/p>\n<p>Example include:<\/p>\n<ul>\n<li>Tesco \u2013 Race for Life<\/li>\n<li>Virgin Money \u2013 London Marathon<\/li>\n<li>BBC \u2013 Children in Need<\/li>\n<\/ul>\n<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104451\/children.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-93\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104451\/children.png\" alt=\"\" width=\"359\" height=\"182\" srcset=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104451\/children.png 466w, https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/03\/01104451\/children-300x152.png 300w\" sizes=\"auto, (max-width: 359px) 100vw, 359px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For marketing to be successful, an organisation has to combine a successful mix of the right product, sold at the right price, in the right place, using the most suitable methods of promotion.\u00a0 The elements of marketing used by organisations are known as the 4 Ps: Product \u2013 the good or service offered. Price \u2013 [&hellip;]<\/p>\n","protected":false},"author":79984,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-90","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/90","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/users\/79984"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/comments?post=90"}],"version-history":[{"count":1,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/90\/revisions"}],"predecessor-version":[{"id":95,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/90\/revisions\/95"}],"wp:attachment":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/media?parent=90"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}