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This unit looks at marketing and the importance of branding. The various activities of the marketing process are referred to as the marketing mix. This means finding the right balance in relation to the four Ps: product, price, promotion and place. Getting the product right means identifying the right features and benefits to meet the needs of the target market. Brand differences can relate more to the image than to the features of a product, eg a product may be perceived as being at the top end of the market because of the way it is marketed, even though it may in fact resemble mass market products in terms of its characteristics. The price is linked with the positioning of the product; people may be willing to pay high prices for products that are perceived as upmarket (UK) or upscale (USA). On some products the mark-up can be considerable, whereas on other high-volume products, the profit margin may be small. Promotion needs to be linked to the positioning of the product. The product’s benefits may be communicated in many ways: through advertising, or exhibiting at trade fairs — or simply by the way the product is presented (eg an elegantly packaged perfume sold in the right place may promote itself). Place relates to the distribution of the product. How does the product reach the customer? Who is involved in the distribution channels? What is the relationship between wholesalers, distributors, resellers and / or retailers? This consideration of the marketing mix relates principally to consumer marketing. Yet in fact, most business takes place between companies: marketing in such a context is industrial or business-to-business marketing.