3.11 - Marketing Mix

Question 1

What is the Marketing Mix?

Answer 1

The combination of marketing choices that can be used by a business to influence consumers to buy products

Question 2

How is the Marketing Mix analysed?

Answer 2

Using the 7P’s

Question 3

What are the 7P’s of the Marketing Mix?

Answer 3

Price
Product
Place
Promotion
People
Process
Physical

Question 4

Briefly describe the Price element of the Marketing Mix

Answer 4

Includes the price charged for different versions of the product
Example - Payment terms - Customer can pay in instalments

Question 5

Briefly describe the Product element of the Marketing Mix

Answer 5

Physical features
Specifications of product
Guarantees that are provided
After sales services

Question 6

Briefly describe the Place element of the Marketing Mix

Answer 6

Distribution of the product to customer
Refers to the Distribution Channel
How ownership of a product moves from producer of a product to final customer

Question 7

Briefly describe the Promotion element of the Marketing Mix

Answer 7

Ways in which business communicates about product
Examples:
Advertising - Paid for communication
Public Relations - Business trips to get free coverage of their activities
Sponsorship details
Sales Promotions - Sales offers - BOGOF
Sales Teams - Many businesses have saleforces to contact potential customers or distributors

Question 8

Briefly describe the People element of the Marketing Mix

Answer 8

People who make contact with customers in delivering the product

Question 9

Briefly describe the Process element of the Marketing Mix

Answer 9

The systems and processes that deliver a product to a customer
A customer’s satisfaction with a good or service can be affected by the process that is involved in buying it or paying for it

Question 10

Briefly describe the Physical element of the Marketing Mix

Answer 10

Physical premises of the business