12 - 12.2: Devising the Marketing Strategy - Product, Price

Question 1

What are the 5Ps?

Answer 1

• one common way of identifying the marketing mix factors
• Product
• Price
• People
• Place
• Promotion

Question 2

In competitive markets, what is needed?

Answer 2

companies need to explain clearly how their product is different to that of a competitor, such as higher quality, better value for money, organic, vegetarian/vegan, Fairtrade, etc.

Question 3

What does the Price part of the marketing strategy refer to? What does it include?

Answer 3

• the amount which a consumer pays for a product
• includes additional costs such as delivery as well as discounts
• includes the cost (in time or effort) which the consumer is willing to go to in order to buy the product