Business Studies Collins Revision Guide. - StudyGuide.PK

●●MARKETING MIX (1)The marketing mix is the combination of a number of elementsoften called the ‘four Ps’.■ Product■ Price■ Promotion■ PlaceDecisions need to be made about all the four Ps so that thebusiness can trade. A marketing strategy is a combination of thefour Ps that can be used together to help the business achieve itsobjectives.The product●●●●●●●The product can be either goods or services.Large businesses will often have a range of products and this is oneway that businesses can expand.Where a business chooses to add different products to its productrange this is known as diversification. Diversification reduces therisk a business faces because it does not depend on one productthat may, for example, go out of fashion.Branding is the unique way in which products are known. It can bea name, a logo or something as simple as a set of colours.Businesses protect their brands by using trade marks. This is alegal system of registering the brand name.Some brands are so successful that their name becomes thegeneric name for a group of products. For instance, a hoover is notalways associated with the Hoover brand.Some products, such as farm produce, cannot easily be brandedalthough producers increasingly try to do so by growing a uniquevariety of, say, apples.57