How 4P's work together

Question 1

What must the business consider when making decisions about the marketing mix?

Answer 1

• type of product their selling
• the cost of product
• stage of the product life-cycle
• the target market
• the funds available for marketing

Question 2

How does the product life-cycle stage apply to Marketing mix ‘product’ ?

Answer 2

• Introduction = introduced new product
• growth = starts designing product to replace the current product
• Maturity = new styles added to current phone whilst the other one is being designed
• Decline = introduce new features to the current phone and launch the new one if the sales can no longer be extended

Question 3

How does the product life-cycle stage apply to Marketing mix ‘Price’ ?

Answer 3

• Introduction = Skimming may be used if the new products quality is amazing
• Growth = Reduced price to maintain sales
• Maturity = Maintain a stable price
• Decline =Use promotional pricing to extend the sales of product

Question 4

How does the product life-cycle stage apply to Marketing mix ‘place’ ?

Answer 4

• Introduction = sell through exclusive shops to emphasise the quality
• Growth = sell through wider range of shops and online
• Maturity = continue sales through a wide range of outlets
• Decline = reduce sales in outlets that are not selling many of the products

Question 5

How does the product life-cycle stage apply to Marketing mix ‘promotion’ ?

Answer 5

• Introduction = Use advertising that target customers and generates interest in the product
• Growth = Advertise widely to emphasize the benefits of that product to a wider market.
• Maturity = Continue to advertise to show differences of the product to its competitors
• Decline = Advertise to raise awareness of price reduction

Question 6

What is Market data ?

Answer 6

It is information used for marketing decisions

Question 7

Why do businesses collect market data?

Answer 7

to help them make decisions

Question 8

what are some examples of data?

Answer 8

• Changes in demand
• Target Market
• Market share
• Product changes (introduced by business or its competitors)
• Effect of promotion

Question 9

Give examples of changes in demands

Answer 9

• price = increased or reduced
• advertising = more or less needed
• type of advertising
• promotional offers
• introduce a new products

Question 10

Give examples of the use of Target market?

Answer 10

• decide the design of the product
• how much to charge for the product
• where, when and how to advertise
• which retail outlets to use
• which promotional offers to use

Question 11

Give examples of the use of market share?

Answer 11

weather to change or maintain the current marketing mix because the better the marketing mix the better the share of market.

Question 12

Give examples of the use of Product changes ?

Answer 12

decision making would be based on weather the business would need to produce another product to match with competitors or consumers needs

Question 13

Give examples of the use of effect of promotion ?

Answer 13

use data to evaluate the effectiveness of any current promotion and make changes if necessary.