Marketing Mix is the term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group.

The right ingredients

Businesses need to make sure they are marketing the right product, to the right person, at the right price, in the right place, and at the right time.

Product

Marketing is about identifying, anticipating and satisfying customer needs. You need to be sure that your products and services continue to meet your customers' needs.

Place

'Place' is the means of distribution you select depending on the type of product or service you are marketing. Your choice will impact on your pricing and your promotion decisions.

Price

Price generates profit so is an important element of the mix. You must consider what your target group of customers will be prepared to pay for your product or service. It is important not to set the price too low as customers may think there is something wrong with the product. Equally, if you set the price too high, customers may think that it is too expensive for the benefits offered. Think about how you have 'positioned' your product in terms of quality. This will help you to assess how to price it.