Elements of Business Skills
Chapter 4: The Marketing Mix
What is the Marketing Mix?
Refers to the combination of these different marketing tools to attract target customers and to rise above the competition.
Price
Promotion
Product
Place
Product
What is Product?
Is anything that a business offers to satisfy customers' needs and wants.
Packaging
How a product is packed in a container or wrapper.
Support services
Enhances product by providing customers with additional benefits
E.g Convenience and peace of mind
Branding
Is the use of of name, term, symbol, design or a combination of these to identify a products.
Benefits of branding to customers
Benefits of branding to Businesses
A promise value
Makes shopping more efficient
A status symbol and a reflection of personal choice
Helps to build customer loyalty
Makes it easier for a business to introduce new products to its customers
Functions of packaging
Promotes the image of the brand
Protects and prevents damage, spoilage and tampering
Provides information about the product and instructions on its use
Makes the product easier or safer to use
Saves space and makes the product easier to handle
Prevent shoplifting
Product and technical information
Warranty and repair
Cashless and Instalment payment
Exchange or refund
Customisation
Delivery and Installation
Customer rewards programme
Service hotline
Price
Refers to how much customers have to pay for a product.
❗ affects how much revenue a business earn, which determines how much profit the business can make.