2.2.4 + 2.2.5 marketing mix

Question 1

definition of budget?

Answer 1

a ceiling on the amount of money that can be spent; a marketing budget of £1 million means the marketing manager can spend up to
that figure, but no more.

Question 2

what are ‘inform decisions’?

Answer 2

evidence that can be used to make a better decision; a company can gain a better understanding of its customers throughthe 4Ps, which helps in decision making.

Question 3

what are the elements of the marketing mix

Answer 3

price, place, promotion, product