1.4d Marketing Mix

Question 1

What are the 4p’s in marketing mix ?

Answer 1

Price
Product
Place
Promotion

Question 2

Give one example of how a business might respond to it’s competitors ?

Answer 2

• lower price to match or undercut its competitors however should be careful this doesn’t lead to a price war
• altering features of an existing product / bringing out new product for product differentiation
• increase in promotional offers
• changing place / increasing number of places products are available

Question 3

State one way now a business might adapt marketing-mix due to changing consumer needs

Answer 3

• introducing e-commerce to customers as it’s more convenient
• changing prices in response to economic conditions
• opening more stores making it more accessible