For a business to succeed, you need to:
- get all of the elements right
- strike a balance between the elements
Roughly one fifth of the cost of a product is spent getting it to consumers. Of course, the actual figure varies widely from product to product but generally distribution is a very important element in the marketing mix. Different organisations use different approaches to reaching their customers. For example, McDonald's uses a franchising system enabling it to operate in a wide variety of geographical locations, and Amway distributes through Independent Business Owners worldwide.
Satisfying the customer’s needs or wants and in turn making a profit is your aim in providing a product/service. It is essential therefore that you get your product/service right.
Is the process of communicating with customers. For marketing purposes, communication of products and services contributes to the persuasion process to encourage consumers to avail themselves of whatever is on offer.
To promote successfully, you need to take the following into account:
- You need to know as much as possible about your customers and their buying habits.
- You need to identify the style of your promotional activities
- You need to decide when you are going to promote.
You need to know what your customers would be prepared to pay in order to price something effectively.
Compare your products/services with similar ones belonging to your competitors. This should give you some idea of typical prices in the market.
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