Marketing Mix: Business: Pearson (Edexcel): GCSE (9:1)

The marketing mix

A description and the features of the price, product, promotion and place that influence the marketing of goods and services

The 4Ps

Price, Product, Promotion and Place

Price

The amount of money exchanged by the customer for the product

Product

The nature of goods and services, their design, quality and how it compares to the competition

Promotion

How a product is advertised and any special deals or discounts that make it attractive to customers

Place

All forms and channels of distribution that get a product to its target market and the consumer

Target market

The segment of the market, people or groups that a business tries to sell to

Gap in the market

An area of the market where a demand is not being met

Promotional mix

All the activities that bring a product to the attention of the market

Mass market

A market that is large with similar charaacteristics

Competitaive advantage

What a business does to be more successful than its rivals

Commercialisation

Making something ready for sale to the market