Marketing Mix

Question 1

7Ps of Marketing

Answer 1

Place, Product, Promotion, Price, People, Process & Physical Environment

Question 2

People (7Ps)

Answer 2

Employees involved in a transaction when a customer purchases a product or service.

Question 3

Process (7Ps)

Answer 3

The systems in place to support the transaction which the customer must deal with.

Question 4

Physical Environment (7Ps)

Answer 4

Includes physical premises, the design, and layout of premises and the condition and placement of products within a store.

Question 5

Product (7Ps)

Answer 5

Refers to a good or service that a company offers to customers. It should either fulfil an existing consumer demand or create a new demand

Question 6

Place (7Ps)

Answer 6

Decisions regarding a place determine where businesses should sell a product and how to deliver the product to the market.

Question 7

Promotion (7Ps)

Answer 7

Includes advertising, PR, and promotional strategy. The goal of promotion is to reveal to consumers why they need it and why they should pay a certain price for it.

Question 8

Price (7Ps)

Answer 8

Price is the cost consumers pay for a product. Link the price to the product’s real and perceived value.

Question 9

Factors Influencing Marketing Mix Choice (x3)

Answer 9

• Availability
• Product information
• Luxury products

Question 10

Drawbacks of Using the Marketing Mix (x3)

Answer 10

• Significant cost and time required.
• Lack of measurement standards and transparency
• Messy data can affect validity

Question 11

Benefits of Using the Marketing Mix (x3)

Answer 11

• Helps businesses understand what a product or service can offer to your customers.
• Helps plan a successful product offering.
• Helps with planning, developing and executing effective marketing strategies.