Unit 3 - Introduction to Marketing - Part 4
Marketing Mix - The marketing mix refers to the set of actions in which a company carry out to promote and advertise their product within the market place.
Price - ensuring that the price is within a reasonable region for customers to still feel confident when purchasing the product but also whilst the business is making a profit.
Product - Appealing to the customer and fulfilling their needs and wants whilst making profit.
Promotion - Making sure that the business is communication with their customers building a relationship with them to increase the chances of them purchasing a product or service from the organisation.
Place - Goods/services being relocated to from the manufacturer to the user or consumer; this is also known as distribution.
Having a marketing mix is fairly important when it comes to business because it allows a company to have steady continual success when coming up with new ideas and introducing a new product into the market. They are used to ensure that a business is not falsely claiming that a product or service is something that it is not, they help to ensure that a businesses marketing mix includes an accurate product placement to make sure that it reaches the target customers. Advertising in the correct regions when distributing the product to stores could help bring in a target audience which they are hoping to aim for.
Waterproof iPhone Marketing Mix
Product - this is a product which is sold by Apple, to ensure that they are gaining as many customers as possible the business try to come up with new software and features for this product in order to make it stand out from competitors. Because phones are now becoming a more regular thing which people constantly have on them, everyone wants to own the latest one which is going to offer them the most features, this is why Apple sets out specific target groups so they can aim towards satisfy...