2.2.5 Using the Marketing Mix to make Business Decisions

Question 1

How can selling different products relate to another element of the marketing mix?

Answer 1

different products can be sold in different places as some are more suited to e-tailing while others require the experience and customer service provided by retailers

Question 2

How can increasing the features and function of a product relate to another element of the marketing mix?

Answer 2

increasing the features and function of a product will have a direct impact on the business’s pricing strategy

Question 3

How can targeting a product at a premium market relate to another element of the marketing mix?

Answer 3

a product targeted at a premium market must be promoted using appropriate channels to ensure that it reaches its target audience

Question 4

How can using low margin pricing relate to another element of the marketing mix?

Answer 4

if a business uses high volume low margin pricing strategy, it is likely that there will be very little budget available for promotion

Question 5

Competitive advantage:

Answer 5

• an advantage that one business has over a competitor
• the advantage is unique and difficult to copy

Question 6

How can product in the marketing mix be used to build competitive advantage?

Answer 6

product with unique features and a strong brand can be highly desirable

Question 7

How can price in the marketing mix be used to build competitive advantage?

Answer 7

a business that finds a way to set its prices lower than its competitors’ will be more competitive

Question 8

How can promotion in the marketing mix be used to build competitive advantage?

Answer 8

a successful advertising campaign can attract consumers’ attention and build a unique brand

Question 9

How can place in the marketing mix be used to build competitive advantage?

Answer 9

a highly visible and convenient business location can help a business attract customers that other competitors cannot attract