Business Studies OCR GCSE marketing mix Flashcards
What are the four elements of the marketing mix?
Product, Price, Place, Promotion
True or False: The marketing mix is only applicable to large businesses.
False
Fill in the blank: The ________ element of the marketing mix refers to the features and benefits of a product.
Product
What does the ‘Price’ element of the marketing mix determine?
The amount customers pay for a product.
What is the main goal of the ‘Promotion’ element in the marketing mix?
To communicate with customers and persuade them to buy.
Which element of the marketing mix involves distribution channels?
Place
True or False: Pricing strategies can include discounts and payment plans.
True
What is meant by ‘market segmentation’?
Dividing a market into distinct groups of buyers with different needs or characteristics.
List one factor that can influence product design.
Customer preferences
Which marketing mix element would you adjust to respond to a competitor’s price drop?
Price
What is a ‘target market’?
A specific group of consumers at which a company aims its products and services.
Fill in the blank: The ________ element involves choosing the right channels to reach customers.
Place
What does ‘branding’ refer to in the context of marketing?
Creating a unique image and identity for a product in the consumer’s mind.
True or False: A high price always indicates a high-quality product.
False
What is ‘promotion mix’?
The combination of promotional tools used to reach marketing objectives.
Name one type of promotional tool.
Advertising
Which pricing strategy involves setting a high price initially and lowering it over time?
Price skimming
What is a ‘product life cycle’?
The stages a product goes through from development to decline.
Fill in the blank: The ________ element can include physical stores, online shops, and direct sales.
Place
What does ‘cost-plus pricing’ mean?
Setting a price based on the cost of production plus a markup.
True or False: Social media is an effective tool for promotion.
True
What is ‘market research’?
The process of gathering, analyzing, and interpreting information about a market.
Which element of the marketing mix can affect customer perceptions?
Product
What is ‘psychological pricing’?
Setting prices that have a psychological impact, such as $9.99 instead of $10.
Fill in the blank: The ________ element includes advertising, sales promotions, and public relations.
Promotion
What is ‘place’ in the context of the marketing mix?
The locations and methods used to make a product available to customers.
True or False: Discounts can be part of a pricing strategy.
True
What is a ‘unique selling proposition’ (USP)?
A feature that distinguishes a product from its competitors.
Which pricing strategy is used to attract price-sensitive customers?
Penetration pricing
Fill in the blank: The ________ element focuses on the channels of distribution.
Place
What is ‘advertising’?
A paid form of communication to promote products or services.
True or False: The marketing mix remains static once established.
False
What does ‘sales promotion’ include?
Short-term incentives to encourage the purchase of a product.
Name one advantage of using social media for promotion.
Wider reach and engagement with target audiences.
What is ‘distribution strategy’?
The plan for delivering products to consumers.
Fill in the blank: A successful marketing mix is tailored to the ________ of the target market.
Needs
What is the main purpose of the marketing mix?
To effectively market a product and meet customer needs.
True or False: All elements of the marketing mix are equally important.
True
What does ‘place’ in marketing also refer to besides physical locations?
Distribution channels and logistics.
