110 the marketing mix

Question 1

what is the marketing mix

Answer 1

a combination of elements used by a business to enable it to meet the needs and expectations of customers. 4ps of marketing:price, product, place and promotion

Question 2

benefits of an effective marketing mix

Answer 2

• if business can meet customer needs through high quality , well promoted and accessible products
• customers would pay more - profitability
• can charge a high price since people would buy it regardless- maximise sales/profit
• increasing market share- domination of market - long term price setting power

Question 3

what does the effectiveness of a marketing mix depend on

Answer 3

• finance available- the more capital a business has available , they can invest in better production/ promotion methods
• actions of competitors, if they copy it make decisions better