THE MARKETING MIX PRODUCT Year 10 Business Studies

LEARNING OBJECTIVES To be able to identify the 4 different aspects of the marketing mix To be able to recognise that different businesses will place different emphasis on the elements of the mix To be able to see how the marketing mix can be changed to meet consumer needs

THE MARKETING MIX The combination of factors that helps a business sell its products Allows the business to take into account the customer needs 4 parts, all begin with a P PRODUCT PRICE PLACE PROMOTION

PRODUCT The first P – the heart of the mix All about selling the right product The product sold must meet customer needs The product must do what it says it will do

BE MARKET DRIVEN, NOT PRODUCT DRIVEN Market driven firms will use market research to find out what people want, then make it Product driven firms will design or invent a new product and then try to sell it. Often they make something no one wants.

PRODUCT RANGE Businesses need to have a range of products available to the customer – known as a product range This will mean that there are often different versions of the same product An example of this is cars – hatchback, saloon, coupe, manual, automatic, different colours etc This helps to give your product differentiation

PRODUCT DIFFERENTIATION Differentiation is something that makes your product stand out over the competitors Usually done through quality, design, packaging or advertising

BRANDING A named product which consumers see as being different from other products that they can associate and identify with.

A BRAND…. Has an image or identity that triggers: Images Thoughts Emotions Attachments As a result is more likely to be purchased over a rival if they are all positive Can include name, logos, colours, images, sounds

Many businesses develop a number of brands as part of their product range Each brand may be targeted at different customers

Brands can also develop from things that are not physical goods, Star wars Harry Potter Doctor Who James Bond Brands that can be exploited with merchandise and products

GENERIC PRODUCTS Opposite to a brand Like a potato Made by a number of different businesses in which customers see very little or no difference between the product of each business

OWN BRANDS Many brands faced with competition from own brands A product sold under the brand name of a supermarket chain rather than the name of the business who supplies the product Own brands are usually cheaper

TASK Sainsburys – what products to they sell?