Lesson 12 - Marketing Mix (Pt.2)

Question 1

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

Answer 1

This refers to where the product will be sold and how it will be distributed.

Question 2

What factors need to be considered when deciding on where a product will be sold and how it will be distributed?

Answer 2

1. Where will people be looking for your product?
2. Will they need to hold it in their hands/try it on?
3. Will you use third party sellers or not?

Question 3

Where would you sell / where would your customers expect to be able to buy the following products?

1. Expensive jewellery
2. Lunch boxes
3. Meat
4. Sewing machine
5. Apple Air Pods

Answer 3

1. Jewellery store
2. Supermarket, office works or specialty stores
3. Butcher or supermarket
4. Spotlight or specialty sewing stores.
5. Online from Apple store, Apple Stores in shopping centres or third party retailers.

Question 4

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

Answer 4

Product refers to how the product will be advertised.

Promotion includes:
- television and print advertising,
- content marketing, - coupons or scheduled discounts,
- social media advertising,
- email marketing,
- display ads, etc.

Question 5

What are four aims of promotion?

Answer 5

1. To inform the customer about price, location and product features etc.
2. To build a brand image.
3. To create customer loyalty - repeat sales.
4. To attract new customers and persuade them to buy the product.

Question 6

Define ‘marketing mix’

Answer 6

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

Question 7

What are the 4 Ps of the Marketing Mix?

Answer 7

Product
Price
Place
Promotion