The marketing mix Flashcards
What is the marketing mix?
The marketing mix is the marketing strategy or plan for a business to reach it’s marketing objectives. There are 4 key components of the marketing mix, known as the 4Ps.
What are the 4Ps?
Product - the design of the product.
- Promotion - the promotion and branding of a product.
-Pricing - The pricing strategy used for the product.
-Place - the type of distribution or place in which the product is sold.
What is the design mix?
The design mix is made up of three elements; function, aesthetics and cost. These are the three elements considered important in the design of a product.
The product must be fit for purpose (function), look good (aesthetics) and not be too expensive to produce (cost).
Why is it important in creating a good product? Why is balancing the three forces important and where may a business not balance the forces?
Because it needs to meet all these parameters to succeed, an aesthetically pleasing but low quality product is not good, nor is a well functioning chair that is ugly; it should also consider price. A business should try and find some balance between the three, but some businesses like a jewellery business will be more concerned about aesthetics than cost and vice versa with a paperclip seller.
How can changing social trends influence the design mix? Why are consumers choosing producers based on ethical factors?
Changing social trends may mean businesses need to change all three aspects of the design mix. For example, out of concern for the environment, many customers demanded businesses reduce waste and make more recyclable products. This will affect all three aspects.
Some companies have started selling reusable coffee cups, where some companies sell biodegradable products.
Consumers are also demanding for products to be ethically sourced to preserve the environment - many businesses are no longer sourcing palm oil.
Consumers are often choosing to support the most ethical businesses.
