P6- Develop a coherent marketing mix for a new product or service.
In this task, I will be developing a coherent marketing mix for a new product/service.
The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often
crucial when determining a product or brand's offer, and is often associated with the four P's:
Price- This is the amount that the customer is paying for the product and also is the decider
of the amount of money that comes into the business through the amount of sales that the
business is gaining.
Product- This is the product that the business is selling and it is also what they are making
their money off and this is what they have to offer for their customers. For example Apple
sells iPads for their customers and this is just one of the products that they have to offer.
Promotion- This can be the following four elements: Advertising, public relations, personal
selling and sales promotion. Here are a couple of questions that businesses look at when it
comes to promoting their business or their products and services. Where and when can you
get across your marketing messages to your target market? Will the business be able to
reach their audience by advertising in the press, or on TV, or radio, or on billboards? By using
direct marketing mailshot? Through PR? On the Internet? Are there any wider
environmental issues that can suggest the timing of the market launch?
Place- Place represents the location where a product can be purchased because it must be
close to the customer so it can be easily accessed by them. This can include any physical
store as well as virtual stores on the Internet.
Last accessed: 20/12/14 http://www.mindtools.com/pages/article/newSTR_94.htm
Developing a marketing mix for your business is very important if you want the business to become
as successful as possible. There are two actions that a business must take before they can develop a
marketing mix for their business. The first step a business must take is that they must identify their
company’s most important aim/objective that they would like to achieve and this could be the one
that they must achieve so that the year of their business is successful. The second step that a
business must take is finding their correct target audience to ensure that their products sell because
it is very important to have the right target audience to be able to gain as many sales for their
business as they can and if a business hasn’t got the correct target audience then this can cause
problems for the business.
The marketing mix is very important to any type of business because the marketing mix itself allows
them to gain as much success in their daily operations as a business which is how to gain success as
whole business. The marketing mix also makes sure that the business can keep up with the demands
of the customers that they want as in for the products that they would want from the business as
one of the points in the marketing mix is product and the products that a business sell depends on
the demands that their customers have. The objective of a successful marketing mix is businesses
have the ability to be able to consider different marketing methods that are available for them and
they may not be aware of. For example, a business may decide that they want to concentrate on
their promotion rather than on price so they could look at methods of promotion such as Radio,
Internet and TV. If a business knows the details of how much their promotion of the products will
cost then they will be able to create a budget plan to be able to check if they can afford the specific
In this task, I will be developing a coherent marketing mix for a new product/service.
The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often
crucial when determining a product or brand's offer, and is often associated with the four P's:
Price- This is the amount that the customer is paying for the product and also is the decider
of the amount of money that comes into the business through the amount of sales that the
business is gaining.
Product- This is the product that the business is selling and it is also what they are making
their money off and this is what they have to offer for their customers. For example Apple
sells iPads for their customers and this is just one of the products that they have to offer.
Promotion- This can be the following four elements: Advertising, public relations, personal
selling and sales promotion. Here are a couple of questions that businesses look at when it
comes to promoting their business or their products and services. Where and when can you
get across your marketing messages to your target market? Will the business be able to
reach their audience by advertising in the press, or on TV, or radio, or on billboards? By using
direct marketing mailshot? Through PR? On the Internet? Are there any wider
environmental issues that can suggest the timing of the market launch?
Place- Place represents the location where a product can be purchased because it must be
close to the customer so it can be easily accessed by them. This can include any physical
store as well as virtual stores on the Internet.
Last accessed: 20/12/14 http://www.mindtools.com/pages/article/newSTR_94.htm
Developing a marketing mix for your business is very important if you want the business to become
as successful as possible. There are two actions that a business must take before they can develop a
marketing mix for their business. The first step a business must take is that they must identify their
company’s most important aim/objective that they would like to achieve and this could be the one
that they must achieve so that the year of their business is successful. The second step that a
business must take is finding their correct target audience to ensure that their products sell because
it is very important to have the right target audience to be able to gain as many sales for their
business as they can and if a business hasn’t got the correct target audience then this can cause
problems for the business.
The marketing mix is very important to any type of business because the marketing mix itself allows
them to gain as much success in their daily operations as a business which is how to gain success as
whole business. The marketing mix also makes sure that the business can keep up with the demands
of the customers that they want as in for the products that they would want from the business as
one of the points in the marketing mix is product and the products that a business sell depends on
the demands that their customers have. The objective of a successful marketing mix is businesses
have the ability to be able to consider different marketing methods that are available for them and
they may not be aware of. For example, a business may decide that they want to concentrate on
their promotion rather than on price so they could look at methods of promotion such as Radio,
Internet and TV. If a business knows the details of how much their promotion of the products will
cost then they will be able to create a budget plan to be able to check if they can afford the specific
