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Marketing mix - Coggle Diagram
Marketing mix
Each element
Price
Must reflect the quality of the product, value to customers, features etc
Product
Must meet the needs of the customer and correct features for their wants, must be different from competitors.
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Promotion
Communication between the customer and the business: advertising, sponsorship etc
Importance of place
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More footfall, want more customers
Importance of product
needs to think about the design, the price, the expected sales and the cost of development and production.
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Importance of price
Prices are set according to how much a customer is willing and able to pay. Customers want value for money and this may mean a business needs to set low prices to generate high levels of sales.
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