1. Using the Marketing Mix

Question 1

7Ps of Marketing

Answer 1

Place, Product, Promotion, Price People, Process & Physical Environment

Question 2

People (7Ps)

Answer 2

Employees involved in a transaction when a customer purchases a product or service.

Question 3

Process (7Ps)

Answer 3

The systems in place to support the transaction which the customer must deal with.

Question 4

Physical Environment (7Ps)

Answer 4

Includes physical premises, the design, and layout of premises and the condition and placement of products within a store.

Question 5

Product (7Ps)

Answer 5

Refers to a good or service that a company offers to customers. It should either fulfil an existing consumer demand or create a new demand

Question 6

Place (7Ps)

Answer 6

Decisions regarding a place determine where businesses should sell a product and how to deliver the product to the market.

Question 7

Promotion (7Ps)

Answer 7

Includes advertising, PR, and promotional strategy. The goal of promotion is to reveal to consumers why they need it and why they should pay a certain price for it.

Question 8

Price (7Ps)

Answer 8

Price is the cost consumers pay for a product. Link the price to the product’s real and perceived value.

Question 9

Factors Influencing Marketing Mix Choice (x3)

Answer 9

Availability

Product information

Luxury products

Question 10

Drawbacks of Using the Marketing Mix (x3)

Answer 10

Significant cost and time required.

Lack of measurement standards and transparency

Messy data can affect validity

Question 11

Benefits of Using the Marketing Mix (x3)

Answer 11

Helps businesses understand what a product or service can offer to your customers.

Helps plan a successful product offering.

Helps with planning, developing and executing effective marketing strategies.