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1.4.3 The marketing mix GapFill
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The marketing is about the 4Ps, which are the: price, product, place and promotion of a business. When an entrepreneur first spots a in the market and sets up a new business, they will need to consider all of the 4Ps in their business .
Which elements of the mix are most important will depend on the type of business and the goods and services being provided. For example, a new high-end fashion boutique might be most interested in providing unique for its customers. In contrast, a new nail bar on the high street may be more interested in keeping its competitive with those of other nail bars in the area.
Businesses operate in a environment, and customers’ needs change over time; for example, customers no longer demand typewriters and DVD players, choosing instead products such as laptops and online music streaming music services. A small business needs to be able to to these changing customer needs and adapt its marketing mix accordingly. For example, cafes now provide a range of coffee types in response to customer feedback and in the coffee market.
Changes in will also affect the marketing mix that a business uses. A company may start as a market stall and then move online, and this might change the promotional methods used and the products that can be provided.