Elements of the marketing mix
The marketing mix is the combination of:
- product - a business can adjust the features, appearance and packaging of a product to create competitive advantage.
- price - production costs, competition and demand can all affect a business's pricing strategy
- place - a business needs to decide where best to distribute a product
- promotion - businesses use promotion methods to make customers aware of their products and services
- people - any member of staff who is in contact with the customers of a business
- process - the systems and procedures that are put in place to deliver a product or service to the customer
- physical evidence - the physical environment experienced by the customer
These factors should be considered for any business venture.