Marketing Mix NAT 5 BUSINESS MANAGEMENT MARKETING Lesson

Marketing Mix NAT 5 BUSINESS MANAGEMENT MARKETING

Lesson Starter Think-Pair-Share: Think about the different decisions you make when looking at or thinking about buying a product/service. What helps you to decide between one product or another? Discuss with your partner and write down some ideas.

Learning Intentions At the end of this lesson, you should be able to: Confidently describe the elements of the Marketing Mix Understand why this is important in decisionmaking

Task Copy out the following table: Product Price Place Promotion

The Marketing Mix Product Price The actual item (good/service) that is produced and then sold How much money is being charged to buy the product Place Promotion This is the market the business chooses to make the product available to the customer How the customers are told about and encouraged to buy the product – can be done in different ways. ** Remember – promotion is more than just advertising!

Why is the Marketing Mix Important? Product Price The product must be what customers want or else no one will buy it! Market research will help a business determine what customers want. The product must be priced correctly so that customers will buy it but also not too low that the business doesn’t then make a profit. Price reflects Quality? Competition? Place Promotion The product must be accessible to the customer – they must be able to get to it! Product has to be promoted so that consumers know it exists! Could be in different places – shops, internet, TV etc.