4.5 Marketin Mix Definitions

Question 1

Define marketing mix

Answer 1

combination of elements (7Ps) that a business uses to meet customers needs + achieve its marketing objectives effectively + competitively.

Question 2

Define product

Answer 2

a good/service offered to the market
To satisfy costumer needs/wants
Includes both tangible + intangible elements (design, branding, features)

Question 3

Define price

Answer 3

the amount charged to the customer. It must reflect production costs, market conditions, customer value, & business objectives

Question 4

Define place

Answer 4

how a product is delivered from the producer to the final consumer
Includes distribution channels used, physical location, & logistics
ensures product is accessible to the target market at the right place + time in a cost-effective way

Question 5

Define promotions

Answer 5

marketing strategies used to communicate a product’s benefit + persuade costumers to buy it. Includes methods like advertising, sales promotions and public relations.

Question 6

Define people

Answer 6

all individuals involved in marketing & delivery of a product or service. Their actions, skills & attitudes influence costumers experience + perception of the brand.

Question 7

Define process

Answer 7

systems & procedures a business uses to deliver its products efficiently & consistently
Aims to enhance customer satisfaction & brand experience

Question 8

Define physical evidence

Answer 8

tangible + visible elements of a product or service that shape customer perceptions & trust, particularly in service-based businesses where customers can’t see/test service before purchase

Question 9

Define marketing

Answer 9

protection during transportation / information (product use - ingredients) / attractive to catch your attention / convenience —> influences purchasing decisions