Marketing report

Introduction THE MARKETING MIX REPORT Introduction This report focuses on identifying the marketing mix. Though out the report I will be discussing the importance of the marking mix and how it can be used to build a successful business. I will also be considering and expanding on the 4 P's (Promotion, Product, place, and pricing). The marketing mix The marketing mix is the set of ingredients, which the firm uses in order to achieve its objectives. It focuses on the various elements of marking needed to carry out the marking strategy, which are designed to meet the needs of the customers or the market segment and consist of four main parts (Promotion, Price, Product, and Place. Packaging is an extra part). In order to satisfy customers' needs, businesses must produce the suitable product or service for their segmentation, at the right price, make it available at the right place, and let the potential customers know about it through promotion. If all of this is done correctly the business should meet its objectives. The advantage of deciding to directly sell would mean you are in direct contact will your customers and can easily detect the subtle changes which are occurring and adapt to the changes; i.e. demand for price changes or overall demand for your products. You also have complete control over your product range, how it is sold and at what price. Direct to retailers If you don't want the expense of opening and running your own retail outlet to sell to your customers, then you might consider selling to existing retail outlets. This would obviously save your company a lot of money setting up a variety of retails outlets to cover areas regionally or nationally. However, the administration behind running a system like this would be considerable. Firstly you would have to have a sales teams to consult with the retailers on new products, price and promotion. You would also have to have a method of distributing to many small outlets in which ever region of the country you are selling to: this would cost a small business quite a lot of money and effort.