4.3a Marketing mix Flashcards
What are the four main ‘Ps’ of the marketing mix?
Price, product, place , promotion
Why is it important for an entrepreneur to take into consideration the marketing mix
It benefits them by attracting the type of customers they are aiming for and if they utilise them correctly it will help them attract more customers
What would the marketing mix be for a company selling high end designer products?
Price: a premium price due to the value added by the companies name
Product: something exclusive to the brand made to attract the target customers
Place: areas where there are people who can afford the product
Promotion: hire celebrities or famous people to model the product
Give examples of companies that would give luxury products at high prices and a overall marketing mix aimed at wealthier customers
Gucci, Giorgio Armani, Chanel, Burberry etc.
What would the marketing mix for a company that’s in the retail business and sells products at cheap prices be like
Product: a vast range of products which may not be of the highest quality
Price: cheap prices which counter the fact of low quality
Place: in as many places as possible to attract the much larger market of people who prefer cheaper items
Promotion: masses of promotion everywhere talking about the value of their products
Give examples of companies that would use the marketing mix to attract customers who desire cheap products in large amounts, such as a pound store
Aldi,Lidl etc.
What might be the problems that a business will face if they did not take the marketing mix into consideration
They would have no idea about who they’re targeting and what customers nowadays want and need and therefore there’ll be a low chance that they’re product or service will sell, since they may have chosen the wrong product or service to sell, e.g. a company that sold tape recorders would not sell at all because it’s not what customers want
Define product differentiation and how the marketing mix affects this
Product differentiation is what separates one product from a similar product
The marketing mix affects this as if a company can spot a gap in what people want or a specific kind of need in consumers that isn’t satisfied, they can create a new product similar to competitors but implement an answer to that need as a USP and therefore outcompete competitors
What is brand loyalty and explain how the marketing mix affects this
Brand loyalty is a customer’s willingness to buy a product from a particular brand rather than from competitors
The marketing mix is crucial to this because If a company can continuously provide a product or service in order to repeatedly satisfy the needs of consumers by using the right price and promotion to attract them as well as products worth that money in order to attract them and repeatedly outcompete competitions
How does technology impact the marketing mix?
E-commerce and M-commerce: enables convenience to access products for customers, meeting their needs
Social media: enables better relations between customers and a company in order to work out their needs
Using efficient technologies in the production process: this enables a company to lower costs and attract more customers
Websites allow you to see the prices of competitor’ products and see if you can lower your price to attract customers
How is the marketing mix affected by changing consumer needs
If consumers have a change in trend, such as veganism or eating healthy or dieting, the products of companies in that market will have to change to satisfy this
A business needs to adapt aspects of their brand and product to respond to the changing needs and wants. This will keep the business in the market. If they don’t adapt, then they lose customers and have less revenue meaning the business will need to go into liquidation
