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The Marketing Mix

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Marketing Mix
The major variables (4) for which decisions are made when marketing a product
The service or physical good being sold by the company
The amount being charged for a product or service by a business
All the ways a business communicates with the aim of selling products
The methods used by a firm to sell its products or services to consumers
Target Market
The group of consumers aimed at by the business
Product Range
The collective term given to all the products made or sold by a business (Can be made to appeal to different audiences)
Product Differentiation
Attempting to make your product stand out from rivals (e.g. Design, advertising, features)
The quantity that consumers are willing and able to buy at the current price level
Inelastic Demand
When the demand for a product doesn't decrease (e.g. Petrol)
Elastic Demand
Demand can fluctuate but tends to decrease (e.g. Latest Songs on iTunes)
Product Decision
The decision a small business should make about what they should try to sell
A product made after market research and customer demand
A product made straight away then it tries to be sold
Fixed Costs
Costs stay the same no matter what level of output
Buying and Selling Online
How the product gets to the customer or seller
Gaining press coverage for your business
Word of Mouth
Getting customers to talk about your business to family and friends
Direct Mail
Sending promotional material directly to consumers
Personal Selling
Employing someone to visit potential customers to persuade them to buy goods
An internet advert that appears on another firms website
Channel of distribution
The method used to transfer goods or services from the producer to the final consumer