A level revision

Marketing mix

The marketing mix, often referred to as the 'four Ps', is the combination of product, place, promotion and price.

Influences on the marketing mix

A range of influences on the marketing mix include:

• Finance - marketing can be very expensive with some companies spending billions each year. The amount of money a business has to spend on marketing will affect the mix.
• Market research - new and small businesses are unlikely to have conducted large amounts of market research and so decisions may be risky. The risk will influence how a company approaches the marketing mix.
• Competition - new products may influence a business to market a competing product. On the other hand if a business has a monopoly on a market they may decide on low cost marketing mix.
• Product type - the type of products a business makes will influence their mix. New technology will take time to research and develop whereas food will not.