Unit 2: Chapter 5

A marketing mix is the next step, after market research, in the process of starting a business. Conducting market research gives you information about your market, and the marketing mix is how your business specifically applies the information to effectively market your product or service. Having a good marketing mix is key to the success of your business, as it makes your business stand out amongst the competition. Your business’s marketing mix is going to be different from other businesses in your market, as each business is unique. Your marketing mix should play to your business’s strengths and weaknesses, and should be made with your customers’ needs in mind.

There are 4 main factors that make up a marketing mix. These factors are product, price, place, and promotion. Product is the product or service that your business sells, including the packaging and presentation. Price is simply the cost of the product or service. Place is the location where you market your business. Promotion is the development of the general popularity of your product or service, which is done through things like advertising and promotional stunts. Each of these factors influences how your customers engage with and see your business. These factors also influence each other, so it’s important for each factor in your marketing mix to work together for the sole vision of how you want customers to see your business.

Your business should have a vision, and all the factors in your marketing mix should work together in order to portray that vision. For example, if your target market was wealthy customers, then you might want to market your product as a luxury item. Your marketing mix should reflect this, with extravagant packaging and a high price. All of these things give your customers a feeling that this is an expensive item, and that the price they are paying for it is worth it. Marketing your business allows you to influence how people perceive your business, and a positive image is essential for customers to want to buy your product or service.

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