1.4.3 The marketing mix

Question 1

What are the 4 Ps?

Answer 1

• price
• product
• place
• promotion

Question 2

Why is product important?

Answer 2

-meets the needs of customers

Question 3

Why is place important?

Answer 3

• the way in which a product is distributed

- businesses have to consider channel e.g. online, retail stores

Question 4

Why is promotion important?

Answer 4

• communicate between the business and customers that makes customers aware of the business:
  
  • advertising
  • sales promotions
  • sponsorship
  • public relations

Question 5

Why is price important?

Answer 5

• price must reflect the value customers place on the product
• high-quality products have high prices
• price is subjective because it depends on many factors

Question 6

What is the impact of changing consumer needs on the marketing mix and examples?

Answer 6

• business may adapt marketing mix so it continues to meet changing needs of customer and the competitive environment by:
  
  • change feature to incorporate new trend and tech
  • adjust price in response to competitive pricing
  • launch new advertising campaign in response to falling sales
  • sell products from popular retailers
  • allow free return online

Question 7

What is the impact of technology on the marketing mix?

Answer 7

product-innovate
price-monitor rival prices to remain competitive
place-effective channel, allow customers to customise product and service
promotion-digital communication e.g. social media sites