1.4.3 The Marketing Mix

Question 1

Marketing

Answer 1

Understanding and communicating with customers clearly

Question 2

What are the 4ps in the marketing mix

Answer 2

Product
Price
Place
Promotion

The business needs to get the right balance of these

Question 3

Price

Answer 3

Consumers expect good value for money
Price has to be relative to market
Price may be based on quality on brand

Question 4

Product

Answer 4

A product or service should fit the market needs. Links to price, place and promotion

Question 5

Place

Answer 5

Where the product is distributed
Mass markets want as much distribution as possible
The better the distribution the easier it is for the consumer to get
May need to use cut-price distribution for easy distribution

Question 6

Promotion

Answer 6

Method a business uses to create interest in its products and services among its customers and potential customers. The main aim of promotion is to either persuade customers to purchase or inform about products. Types of promotion include adverts, sponserships, discounts and branding

Question 7

Competitive environment

Answer 7

The pressure placed on a business by a competitor

Question 8

Why and how do businesses adapt their marketing mix

Answer 8

To get a competitive advantage

USP, discounts, fill gap in market

Question 9

How do businesses adapt to changing consumer needs

Answer 9

Introducing new products, changing the selling price of products, opening new retail outlets, e and m commerce

Question 10

How does technology impact the marketing mix

Answer 10

Changing trend
Changing promotional strategies
Digital communication with customers
Changing pricing due to different production methods
Competitive pricing due to ease of price comparisons amongst different retailers