Successful Marketing Mix Flashcards
What is the marketing mix?
It is a combination of factors which help a business to take into account customer needs when selling a product.
Why is the product important?
It needs to meet the customer needs and it must be taken into consideration when differentiating the product?
Why is the price important?
As the price indicates quality to customers. Changes in prices can have a significant influence on demand Branded products are more expensive because of promotion
Why is promotion important?
Promotion is the way in which a business makes consumers aware a product is for sale.
What are some reasons for promotion?
Creating awareness Communication product benefits and features to customers Strong brand image Sales
Whar are some methods of promotion?
TV
Magazines
Radio
Internet
Why is the place important?
The product should be availible to the customer when and where they want it.
How might the business have a good place for their products?
Direct
Retail
Wholesale
What is direct?
When businesses sell direct to a business. Processes made more accessible with growth of internet sales. Sales forces may also be employed to do so.
Definition of retail
Distributing products through retailers helps sell the product by improving buying experience and customer service
What is wholesale?
A wholesaler who breaks down but supply of a product and distributes it to retailers. This is a suitable method for businesses that produces large quantities of a product.
