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The Marketing Mix - Description of the Marketing Mix
Member rating: No Rating | Words: | Submitted: Wed Aug 06 2003
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The Marketing Mix Description of the Marketing Mix: Marketing is the way in which a business promotes its products or service. Marketing is not solely selling the product; it is concerned with identifying customers and satisfying their needs/wants at a profit. Businesses have to sell what they produce/serve. To do this, marketing decisions must be made, which involve: PRODUCT - what products will be sold. PRICE - what price those products will be sold at. PLACE - where the best place to sell the product/service will be. PROMOTION - how the customers will get to know about the product. The above are known as the Marketing Mix. Market Research: Researching involves investigating a subject in order to find out about it. Market research takes two forms... QUANTITATIVE - finding out numerical information. Or information that is definite and precise - based on facts rather than opinions or choices. QUALITATIVE - finding out opinions and reasons for choices. This information can be collected...
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