Marketing Mix (Byte Size)
The purpose of this course is to develop understanding of the marketing mix. The marketing mix is comprised of the tools available to a marketer in order to optimise the return from the exchange of value with customers and consumers. It does not relate simply to the elements of a product or service - rather it identifies all the variables over which a marketer has control.
This course will examine in depth the different components of the marketing mix and will discuss the way in which these components are controlled and adjusted to make a product or service more competitive.
The course will then proceed with an analysis of each of the key variables of the mix. A product is defined and analysed in terms of a series of levels. Products, including goods and services, are classified for ease in understanding. Every product has a life cycle, and this is evaluated in terms of its importance to marketing managers. The way in which the market adopts a new product is evaluated.
Pricing strategies and tactics are considered in Section 3, including the many factors that affect the price placed on a product or service. The way in which products are made available to customers is by distribution and this is introduced as an important part of customer service. An overview of this important concept is studied in terms of the level of customer service offered, alongside the different methods of distribution.
Promotion, which covers the communication between an organisation and its target audiences, is put into context The physical surroundings in which a service is delivered or a product sold are also considered, along with the people involved in the process of ensuring customer and consumer satisfaction. These must all be brought together to provide a seamless and positive support to every transaction.
This course deals with the components of the marketing mix and looks at ways in which they can be managed to optimise return on investment.
By the end of this course you will be able to:
- identify the components of the marketing mix in the marketing of a product or service
- identify ways in which the variables of the mix can be used to the mutual benefit of the organisation and its clients
- select the appropriate marketing strategy for a product
- identify the benefits provided to the consumer by a product
- identify the characteristics of a service and use these to assess the benefits provided by a service
- use the product life cycle concept as a guide to marketing understanding
- select the appropriate marketing mix strategy for a product offering at different stages of its life cycle
- identify pricing strategies used to make products and services more attractive.