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Designing an Effective Marketing Mix: Key Influences and Strategic Considerations

This chapter delves into the essential elements that shape an effective marketing mix, focusing on the significant influences of finance, technology, market research, and other critical factors. It emphasizes how a business's financial health impacts decisions regarding cash flow, promotional costs, and discounts. Technological advancements enable targeted marketing through data analysis. Furthermore, market research provides valuable insights into consumer behavior and competition, allowing businesses to adapt their strategies. Ultimately, a well-coordinated marketing mix enhances overall business performance.

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Designing an Effective Marketing Mix: Key Influences and Strategic Considerations

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  1. Chapter 29: Designing an effective marketing mix Influences on the Marketing Mix

  2. Influence on MM: Finance • A business’s decision in ANY functional area will be influenced by its financial position • Cash Flow • Discounts • The marketing budget and cost of promotions

  3. Influence on MM: Technology • Technologically advanced product • Sophistication of the organisation’s database (ie: organisations such as Sainsbury’s – through its loyalty card – and Trainline – through previous bookings – gain an understanding of consumers’ tastes and are able to target them with specific offers • Lower costs • Online selling

  4. Influence on MM: Market Research • Provides information to a business, which helps its to adapt its marketing mix in order to gain an advantage: • Level of competition • Availability of substitutes • Consumer opinions • Niche or mass marketing • The market segment

  5. Influence on MM: Other Factors • The relative power of buyers and suppliers • The quality of the promotion • Elasticity of demand • The reputation of the business • The convenience of the location **A good marketing mix needs to be coordinated so that each element supports, and is consistent with, the other parts of the mix.

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