marketing mix

Question 1

what are the P’s

Answer 1

product, price , place , promotion

Question 2

getting mix right

Answer 2

can be adjusted to meet the needs of the target market

Question 3

product lifecycle

Answer 3

introduction: low sales
growth: increasing sales
maturity: sales peak
decline: sales decrease

Question 4

how does product lifecycle relate to the marketing mix?

Answer 4

knowing a products position on the cycle lets the business adapts it’s marketing mix.

Question 5

what to do near the end of a lifecycle

Answer 5

improve promotion (promote a multiuse or give it a new name to make it appear new/like you’re listening to customer feedback)
reduce price but risk worsening the perceived quality of the product

Question 6

effect of competition

Answer 6

affects price, product, place and promotion of a business

Question 7

social trend:

Answer 7

habit or behaviour amongst consumers that can alter their buying behaviour
brings new markets and encourages existing markets to consider and adapt their marketing mix.

Question 8

impact of technology

Answer 8

-change in how people shop/chose products(see more products at once)
-rise of e-commerce
-new product ranges/obsolete products
-social media → new promotion tactics
-price comparison
-cheaper production costs