Unit 3: Investigating Business

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Unit 3: Investigating Marketing
Section C
Rosie Boymbo

In this section, I will give a detailed explanation of the marketing mix and why it is used in businesses. I will be giving a detailed analysis’ of the Product, Pricing, Place and Promotions. This section is based on about how I found my target market and then fulfilling their wants and needs.
Marketing Mix
Marketing mix: ‘Provides a recipe for effective marketing’: tutor2u.net
Marketing is the term used to describe a range of activities within a business that are designed to keep existing customers and to gain new ones. The ‘marketing cycle’ begins with the objectives of the business, which feed into marketing objectives. Next comes, Market analysis, involving
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Most times, all prices determine by the interaction of supply and demand. In some countries, buyers and sellers still bargain until both are satisfied with the price. The auction process such as eBay mirrors this. However, this process can be time consuming and the seller usually sets the price and the buyer shows their acceptance of this by buying at that price.
Price will vary according to the circumstances. Normally, if you start a new business you will have to research the market very carefully, examining competitors’ pricing very carefully. What will customers buy on price, example, buy the cheapest?
The numbers of pricing strategies which can be used are the choice of pricing strategies that will depend to some extent on the long term objectives of the business- how it wishes to position itself in the marketplace, or how important its financial needs are. The examples of long term objectives are: * Making a profit * Pricing to keep the competitors out of the market * Pricing which positions the company at the luxury end of the market * Pricing to maximise sales and make the business a market leader.
Commonly prices are based on the marketing needs of the business. There are often temporary price strategies used to achieve a particular short-term target, called tactical pricing. Promotional pricing is designed to
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