Marketing Mix

Question 1

What is an issue with the marketing mix?

Answer 1

There is no single right mm that works for all businesses. The combination of 4 p’s will depend on the: size, competition, objectives and nature of the product

Question 2

What is product/service design?

Answer 2

The process of generating and developing ideas that lead to new products or services

Question 3

What is the design mix?

Answer 3

Triangle - function aesthetics cost

All key features have to be considered when designing a product/service

Question 4

What is the AIDA model?

Answer 4

Can be used to demonstrate the aim of any promotional activity 
A - awareness
I - interest
D - Desire
A - action

Question 5

What do pricing strategies include that are commonly used when deciding on the price for the mm

Answer 5

Market penetration - low prices for new products to gain quick market share
Competitive pricing - charging lower than your competition
Strategic pricing - emphasising the quality or brand positioning of a product to allow a higher price to be charged

Question 6

What is above the line promotion?

Answer 6

Paid for advertising aimed at a mass audience
Can be costly
Can be difficult to target specific audiences

Question 7

What is below the line promotion?

Answer 7

Easily targeted specific audiences

Offer organisations a greater level of control over their communications

Question 8

Promotion helps with…?

Answer 8

Increase awareness and Improve brand recognition
Increase demand for products
Improve brand image
Highlight superiority of products