Marketing Mix

Question 1

What is the marketing mix?

Answer 1

The combination of elements used by business to enable it to meet the needs and expectations of customers.

Question 2

What are the 7 elements of the extended marketing mix?

Answer 2

Product - e.g hotel accommodation
Price - e.g dynamic pricing
Place - e.g online booking
Promotion - e.g TV advertising
People - e.g Hotel reception staff
Process - eg Online booking
Physical - branding

Question 3

Describe the product element of the extended marketing mix?

Answer 3

The good or service that a customer buys.

Question 4

Describe the price element of the extended marketing mix?

Answer 4

How much the customer pays for the product.

Question 5

Describe the place element of the extended marketing mix?

Answer 5

How the product is distributed to the customer.

Question 6

Describe the promotion element of the extended marketing mix?

Answer 6

How the customer is found and persuaded to buy

Question 7

Describe the people element of the extended marketing mix?

Answer 7

The people who make contact with customers in delivering the product.

Question 8

Describe the process element of the extended marketing mix?

Answer 8

The systems that deliver the product to the customer

Question 9

Describe the physical element of the extended marketing mix?

Answer 9

The elements of the physical environment the customer experiences.

Question 10

What are the most important influences on the marketing mix?

Answer 10

Market segmentation, targeting and positioning strategy.

• Market segmentation (dividing your target market into approachable groups)
• Targeting (who you wish to sell to)
• Positioning strategy (how a brand wants to be perceived in the mind of a customer)