designing an effective marketing mix

• MARKETING MIX- the elements of product, price, promotion and place that form part of a firm's marketing in an effort to delight the customer.

Finance

• marketing activities require large outlays of cash before any results are known and therfore a firm needs a strong cash flow position.
• if a busines has a weak cash flow position then they might have to limit their promotional activities or cut back on the selling price to encourage higher sales of their product.

Technology

• If a business is selling a technology advances product they are able to charge a higher price and the positive word of mouth should help to reduce the need for expensive promotional activities.
• The use of technology such as databases of customer details will also help a business to accurately target customers via direct mail or email. It will also allow them to sell their products online with lower costs. 

Market Research

• good market research informs a business about which elements of its marketing mix it needs to adjust to be competitive.
• Research will help a business to understand their competition, possible substitutes for their products, changing tastes and fashions in the market, and whether they are better operating within a niche or mass market with product differentiation.