Lesson 11 - Marketing Mix (Pt.1)

Question 1

Define ‘marketing mix’

Answer 1

The elements of a firm’s approach to marketing that enable it to satisfy and delight its customers.

Question 2

What are the 4 Ps of the Marketing Mix?

Answer 2

Product
Price
Place
Promotion

Question 3

Why are the 4 Ps manipulated by firms?

Answer 3

To maximise sales and profit, create a brand, develop customer loyalty and to create a unique selling point/proposition (USP)

Question 4

Why is it important that all 4 Ps are aligned?

Answer 4

To ensure that the marketing mix is used effectively – if just one of the sections is out it can mean the effectiveness of the marketing mix is severely impacted.

Question 5

What is the link between market research and the marketing mix?

Answer 5

Decisions about the marketing mix are made based on the results of market research.

Question 6

What does the ‘Product’ element of the marketing mix include?

Answer 6

The physical features and specifications of the product, (i.e. what it looks like, how reliable it is, quality of the product, etc.)

Question 7

What key features should a product possess to ensure it appeals to the needs of its target market?

Answer 7

1. Functionality
2. Reliability
3. Durability
4. Packaging
5. Fashionable and in keeping with social trends

Question 8

What does the ‘Price’ element of the marketing mix refer to?

Answer 8

The way the product is priced and the rationale behind it.

Question 9

When a firm charges the highest initial price that customers will pay and then lowers it over time, this is called…

Answer 9

Price skimming

Question 10

When a firm offers a product at a lower price during its initial offering and then increases the price over time, this is called…

Answer 10

Penetration pricing