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The marketing mix is the way that the four parts of a companys marketing policy are combined in order to achieve its objectives It is also known as the 4 Ps These are product price place and promotion The way they are combined depends on the type of product and the nature of the competitors The marketing mix of its competitors will also affect it too Product Product is about how the product has changed and how it will change over time in the future Sony DVD players have changed a lot since they first were made They started off as very basic DVD players with not that many features on Then they got things like JPEG still shots multi-disc resume for 40 discs and they come in different colours and can be portable They are also now able to record Sony keep trying to add new things to their DVD players so they stay ahead of the competition Customers buy a product because they want to get something from them and this will come from what the things like the brand name and what the product actually does It all goes into what the product is The product will need to change over time because the market is continually changing and so if they dont change and update it then its competitors will make newer and better models and they will take over If Sony doesnt keep improving their DVD players then other companies like Panasonic will take over as the best DVD player make Sony will tell customers that they should have the newest DVD player now rather than just responding to the customers needs The market research will show the company how they need to change their product from what the people they ask tell them and this will help them develop their marketing strategy From what they are told in the market research they can devise ways to improve their
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