Change is a key aspect for any business. Adapting to market conditions and external factors, and meeting customer expectations are all aspects that a firm will have to consider in its day-to-day operations. While the 4 Ps are a standard part of the specification for any A-level course, the new AQA specification from 2015 onwards adds in an additional 3 Ps, as recommended by the Chartered Institute of Marketing.
Many entrepreneurs are inspired by identifying a potential gap in the market and working out how to exploit that opportunity. In 1985 Emma Bridgewater was looking for a birthday present for her mother and was keen to purchase a distinctive cup and saucer. Unable to find a design that she liked, she decided to create her own. Her business developed from a modest turnover of £30,000 in the first year of operating to where it is now — employing over 240 people with a turnover of over £11 million. It provides an excellent example of a successful integrated marketing mix.
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
