Marketing Mix

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Broadly speaking, in order to maximise profits, different firms use distinct tools to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and marketing mix analysis. In terms of the marketing mix, as an important concept in the subject of business studies, it refers to “a balance between the four main elements of marketing [is] needed to carry out the marketing strategy. It consists of the ‘4ps’: product, price, promotion and place” (Marcousé and Surridge et al., 2011:141). Firms can build an effective marketing strategy by using the marketing mix as a tool, and it is possible that business will fail if the marketing mix is not correct. The aim of the essay is to analyse elements of the marketing mix. Initially,…show more content…
In addition, psychology-pricing strategy is also used quite frequently in supermarkets. For example, Morrison’s sell a bottle of milk £1.99 rather than £2, hence customers will perceive the price as being lower. Levitt (1986) argues discriminatory pricing mainly relies on emotional responses from the consumer.

The third component in the marketing mix is the place. It concerns the way in which a product is distributed. Stimpson (2005:16) points out “the ‘place’ decision involves making the product or service available to consumers in the most appropriate way”. Distribution channel as the most important factor could affect the decision of the place. There are numbers of factors can determine how the product is distributed. Blythe (2012:173) suggests one of them is the marketing aim. The increasing scale raised enterprise intends to expand as wide a distribution as possible. Furthermore, legal restrictions should be regarded as well. Stone (2001) states there are numerous products are not permitted to sell in some places. For instance, it is forbidden to sell the alcohol at the petrol station.

In general, direct distribution, retailers, wholesalers and agent are four core channels of distribution. Direct distribution is the producers sell products to customers directly without intermediaries. Blythe (2012:175) explains this, “direct distribution channels are typical of personal services such as hairdressing”. For retailers, it is an organization
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