Welcome to the next lesson of this module where we will cover the topic of the marketing mix.
This chapter provides the student detailed guidance om understanding the concept of the marketing mix, explaining the four main elements (Product, Price, Place & Promotion), as well as the extended seven P’s (Packaging, Positioning & People). This is then followed by a description and developing an understanding of the significance and usage of the different types of market segmentation, targeting and positioning, which provides an organisation the platform to pinpoint a certain customer they would like to market their product/service to. The chapter also shows how brand positioning is planned by identifying its impact on the customers and other stakeholders of the organisation.
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The chapter presents concise definitions of the key marketing terms, which will provide the student with useful revision notes on essential marketing theory. Modern day marketers need to gather information regarding their industry from a range of sources and devise a suitable strategy in order to become successful and achieve competitive advantage in their chosen field.
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