N4 Entrepreneurship & Business Management Introduction
Marketing is a process of planning and introducing new products or services (conception) to customers, deciding on the price for these “products”, telling customers about them (promotion) and distributing or making these “products” available to them. This is done to satisfy customer and business objectives. The customer needs certain products and the business is prepared to supply it in exchange for money.
Marketing mix The Marketing mix refers to this mixture of marketing activities that a business has to perform to convince customers to buy their particular products or services. This mixture consists of four different functions also called the “Four P’s”. They are Product, Price, Place and Promotion. A business needs to perform all four of the following functions on a regular basis to satisfy customers:
Product Price
Promotion Place
Consider what product or service you will offer your customers. Determine the price you are going to ask.
Decide how to let your customers know about your product. Establish where or how the customers will get hold of your product.
