Elements and Performance Criteria
- Evaluate each component of marketing mix
- Identify key characteristics of products or services and estimate their significance to the market
- Review pricing policy and analyse pricing variables to determine their effect on demand
- Analyse promotional methods to determine their importance to marketing outcomes
- Review channels of distribution and estimate their significance to marketing outcomes
- Identify and analyse level of customer service provision to determine its significance to marketing outcomes
- Identify potential customer base and key pressure points
- Analyse and test effect of components of marketing mix on each other, and establish their relative importance to customer base
- Determine marketing mix for specific markets
- Identify and assess environmental factors, and their impact on marketing mix
- Identify consumer priorities, needs and preferences affecting marketing mix
- Consider product, pricing, promotional, distribution and service variations, and evaluate these against marketing objectives, target market characteristics and desired positioning
- Select marketing mix that best satisfies target market and meets marketing objectives
- Ensure marketing mix decision meets organisational, strategic and operational marketing objectives
- Monitor and adjust marketing mix
- Monitor marketing mix against marketing performance and isolate components for testing
- Evaluate implications of altering one or more components of marketing mix in relation to market factors and consumer response
- Adjust components of marketing mix in response to test results and market-response evaluation
- Ensure adjusted marketing mix meets budgetary requirements
- Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and desired positioning