Reviewing the marketing mix
Keeping the four elements of the marketing mix in balance is vital whatever the business. A few years ago, Parcelforce Worldwide needed to review its entire marketing mix in response to research with customers, which showed that how the company presented its products and services was confusing to customers.
Last week High Street retailer Marks and Spencer has increased its product offering with the launch this summer of an in-store banking service backed by HSBC, with the offer of mortgages to follow. It plans to open a total of 50 branches in M&S stores over the next two years, creating 500 jobs by the end of 2013. (BBC, 8th June 2012)
At the end of May, Mothercare announced a pricing review strategy in order to clarify the consumer’s perception of value for its products. (The Times newspaper, 25th May 2012)
And a few days later, it was reported that Morrisons, the UK’s 4th largest supermarket chain, was planning different placing of products in the new stores opening in London and the south of England, in order to reflect better the needs and wants of customers in each location. (The Times newspaper, 31st May 2012)
Click here for lesson resources