A1 - What is the Marketing Mix?

The marketing mix is the recipe used to make sure that there is consistency whilst marketing a product.

During this process, marketers have to go remember the 4 P's:

• Price
• Place
• Promote
• Product

Each section affects the other, meaning that as the audience's needs change the marketers are able to change the product as such. So if you were to promote a product in a place with a high price bracket the audience will change to the people who shop in those areas. If used successfully then the product will reach it's target audience and make a profit.

Applying the MM to a product

Furby

Product
The Furby is a toy last seen in the 90s but has recently made its comeback in 2012. It's seems to be a very peculiar bird (though it reminds me of Gizmo from Gremlins) - with the ears and the beak - and has the tag line A Mind Of It's Own. The 2012 version of the toy has been improved for further interactivity with the child as Furby seems to learn from them.

Old Furby:

New Furby:

Place
Furby can be found in any major store that sells toys - from general supermarkets such as ASDA and Tesco to actual specified toy stores like Toys R Us and Smyths.
Because of it's artificial intelligence programing and electronic features, it would be placed in aisles with similar products - probably closer to the older child's toy section by mp3 players and over interactive products.
It can also be bought online through shopping websites like Play and Amazon (as well as through audience selling sites like eBay).

Promote
Adverts have been shown on the main TV channels ( ITV 1, C4, C5 ) during the peak times when children would be watching - mainly after 3pm when school is finished and the TV schedule incorporates children's TV for a couple of hours.
It has also been shown on specific children's channels like Disney Channel and Nickelodeon throughout the day - this could be on the off chance that a parent with a younger child and an older child (the younger being at home, the older being at school) would be watching and think that it could be a good present for their child.
Online has also been an excellent place for promotion as it has connected a world wide audience. Those old enough to remember Furby when it first came out started to talk about it, using word-of-mouth to spread the word that their childhood toy was making a comeback - getting people anticipated for a product that wasn't target at them and wasn't even released. Some of that past target audience have children of their own now so can relive the memories of that old toy by getting the new version for their own kids.
Furby also has an interactive website in which children (with parental supervision) came "meet Furby", get to know it's personality and even design their own.

Price
The pricing of Furby really depends on where you look for it. On the adverts, the general price of the toy has been stated as £60 but sometimes a store will alter the pricing to get more people to buy it there. If they know that this product is popular and in-demand then they can cut the prices (penetration and competitive pricing) to encourage the customer to shop there.
Online prices are usually the best when it comes to purchasing toys as they can afford to put a lower price on the product but counter it with post and packaging charges. On some sites, I have seen the Furby priced at £50 or £55 but with p+p charges of up to £7 depending on where you live. International shipping prices vary too as the distance always makes the prices increase.