1.4.3 - The Marketing mix

Question 1

What are the factors of the marketing mix?

Answer 1

• pRODUCT
• pRICING
• pROMOTION
• pLACE

Question 2

Undercut:

Answer 2

Sell the same product for a lower price than competitors

Question 3

Price War:

Answer 3

Price War: When competing businesses try to undercut each other by lowering prices. This leads to an ongoing battle where only the customer benefits, not the business

Question 4

Product Differentiation:

Answer 4

Designing a product with some unique features that distinguish it from similar products sold by competitors.

Question 5

Brand Loyalty:

Answer 5

Brand Loyalty: A customers willingness to buy a product from a particular business rather than from its competitors

Question 6

Market Share:

Answer 6

Market Share: The percentage of the total sales of a product in a market that is taken by one business in that market

Question 7

Recession:

Answer 7

A period of economic decline characterised by the fact that the economy has failed to grow for 6 consecutive months

Question 8

Promotional Mix:

Answer 8

The combination of promotional activities that a business uses to make customers aware of a product, with the aim of increasing sales