Last Friday was Black Friday and last Monday was Cyber Monday for many people around the world. Did you do any shopping in these sales? Why did you spend a lot of money and do you regret how much you spent? 

Don't feel bad if you bought more than you expected. Businesses are very good at using a marketing mix to maximise how many people will shop on a specific day and how much money people will spend. 

This year I allowed myself to go shopping for three electrical items that I had been waiting a long time to purchase. One item was marketed to seem like a massive bargain as it was reduced by 40%. Another was more than €10 cheaper than normal and the third item was perfect for my budget. I did some research and decided it was best to get all three items from the same shop.

Let's look at some of the vocabulary I have used to start my story. 

Have you heard of the Marketing Mix or 5P's?
Do you know how businesses use Price, Product, Promotion, Place and People to research and plan marketing strategies? 

In an ever-changing world of technology, marketing techniques must change too. Cyber Monday is a great example of how our shopping habits are changing but I'm not here to talk about online shopping statistics right now. 

Today I'm going to share with you some basic business marketing know-how because last Friday it was Price, Promotion and Product that convinced me to spend my hard-earned money. 

Firstly, let's look at the different price strategies businesses use.
Can you match the dark blue boxes with the examples in the light blue boxes? 

The most expensive item I bought last Friday was my very first TV. I'm 41 years old and until now I had never needed to buy myself a TV so I decided I would have the best quality my budget would accommodate. Price therefore was a big deciding factor when choosing which TV to buy. The shop I bought the TV from used Psychological Pricing. This means that they made me feel like I was getting an amazing TV at a very good price. The other two items, that I purchased, used Competition Pricing to make me buy them. One was a high-end product with a Premium Price that wouldn't normally get reduced and the other was just a basic item you could buy anywhere at a similar sale price. 

My choice of TV was greatly influenced by the Psychological Pricing strategy that promoted the TV as 40% off the normal price. This promotion was extra clever because it was limited to 20:00 hours that same day.
Already we can see that my decision to spend money was affected by at least 2 of the 5P's. These are Price and Promotion. The last of the Marketing Mix to convince me to spend was Product. 

Product is very important because we all want to get the best for our money with regards to quality, features and experience.
Can you match the dark blue boxes to the definitions in the pale blue boxes? 

I chose my new TV based on brand quality, technical quality and features as well as design. Because of the Price strategy and promotional marketing, I was already convinced that it was good value. The Marketing Mix of Price, Promotion and Product worked together to get me to choose a TV and spend my money before 20:00 on Black Friday. People and Place will have played their part in smaller amounts because of previous exposure to the store and the TV manufacturer's reputation. 

We are exposed to marketing and advertising every day.
Can you match the places with definitions? 

Don't worry if this business marketing topic is confusing. You can book a Business English Upper Intermediate lesson with me to learn about The Marketing Mix and the 5P's. 

Or book a conversational lesson to share your shopping stories. 

I have no regrets. My new TV has been mounted to the wall and is of the highest quality I could afford. Had it not been on sale I wouldn't have been able to buy it. I know that these sales are designed to take advantage of us but I feel that I was able to take advantage of the sale for myself. I'm also very happy with the other two products I purchased from the same store at the same time. 

I hope you had an excellent shopping experience last weekend and will continue to make the most of the 5P's in future. 

Best of luck,
Thirzah