Marketing: The Importotance And Importance Of Marketing Mix

Importance of Marketing Mix

SECTION: FINANCE; Pg 4

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The marketing mix, also known as the 4 Ps of marketing, refers to the set of actions that a company uses to promote its brand or product in the market. It consists of product, price, place and promotion. All elements of the marketing mix influence each other. They make up the business plan for a company and can give it great success.

The first thing you need if you want to start a business is a product. A product is anything that can be offered to the market that will satisfy a customer’s wants or needs. The product can be tangible or intangible as in can be in the form of a physical good or a service. A product is created when there is a demand for the good.

The company, Jack & Eddie’s, which produces artisan sausages and bacon, formed when local people approached the O’Malley family and suggested preparing meat for their freezers.

Another company known as Farmbake, realised that even though at the time money was tight for a lot of people, they were still buying cakes as treats. This was the beginning of the distribution company known as Farmbake.

A product must be easy to use, visually interesting, well-packaged and have a good brand name. Branding involves creating a unique name and image of a product. It plays a big part in the sales of a product. Award winning sandwich making

They sell their products anywhere that there is a lunch break and a fridge. They believe there is many opportunities for their product to be sold. Their sandwiches can be seen for sale in sporting venues, schools, hospitals, shops nationwide. The company also produces for recognisable stores such as Tesco, Supervalu, Spar, Centra and Londis. Their production facility is located in an ideal area. Located in Finglas, Co. Dublin, allows close proximity to the City Centre, M50 and M1 which ensures ideal distribution of their product