The Marketing Mix
Description of the Marketing Mix:
Marketing is the way in which a business promotes its products or
Marketing is not solely selling the product; it is concerned with
identifying customers and satisfying their needs/wants at a profit.
Businesses have to sell what they produce/serve. To do this, marketing
decisions must be made, which involve:
PRODUCT - what products will be sold.
PRICE - what price those products will be sold at.
PLACE - where the best place to sell the product/service will be.
PROMOTION - how the customers will get to know about the product.
The above are known as the Marketing Mix.
Researching involves investigating a subject in order to find out
about it. Market research takes two formsâ€¦
QUANTITATIVE - finding out numerical information. Or information that
is definite and precise - based on facts rather than opinions or
QUALITATIVE - finding out opinions and reasons for choices.
This information can be collected using PRIMARY (field research)
and/or SECONDARY informationâ€¦
1. Desk Research (secondary).
This involves the use of secondary data (information that is already
available - on databases or business directories, etc.). This
information can come from within the business, or from outside:
From outside the businessâ€¦
This information comes from sources outside the business. It can mean
researching other products in the market, or sometimes even finding
out about another company.
In our case, it means e-mailing companies and researching the products
that they have on the market, via the Internet of via telephones.
This information is readily available from inside the business. It can
come from invoices, accounts, selling patterns and suchlike.
2. Field Research (primary).
This involves collecting primary information. This is new data that
has not been compiled by existing sources. This Primary data is
collected through direct investigation - using one of the three
Observation: Looking at how people behave when making a purchase, by
directly observing them, not interfering the purchase or becoming
directly involved. However, this does not reveal to the business WHY
the consumer is behaving in this manner.
Experiments: Experimental techniques are used by market researchers.
Launching a new product can often be very costly and therefore
manufacturers often test products to see if they will succeed or fail
in their target market. There are a number of ways in which this can
be carried outâ€¦
Â· Home placement tests - This involves asking a limited number of
potential customers to use the product for a certain amount of time,
for example a week or month. A trial test.