The marketing mix Flashcards
What is the marketing mix?
The marketing mix is the combination of product, price, place and promotion for any business venture.
Why are all elements of the marketing mix important?
No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point that makes their products stand out from the competition.
Whats the unique selling point?
The distinctive factors that make a product or brand stand out from rivals.
Why is market research findings important?
Market research findings are important in developing the overall marketing mix for a given product. By identifying specific customer needs a business can adjust the features, appearance, price and distribution method for a target market segment.
Whats the overall marketing mix?
The overall marketing mix is the business’ marketing strategy. It is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%.
Why must a marketing mix be specific?
There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives.
Why do marketing mix’s change?
New technologies and changing fashion means goods and services have a limited product life cycle. Ideally, the marketing mix is adjusted to take account of each stage. For example, the life of a product can be extended by changing packaging to freshen a tired brand and so boost sales.
Why is the law important?
The law gives customers protection against unfair selling practices.
How do fair trading regulations protect consumers?
The consumer has basic legal rights if the product is:
given a misleading description
of an unsatisfactory quality
not fit for its intended purpose
What is the Sale and Supply of Goods Act 1994?
This Act says that all products have to be of a ‘satisfactory quality’. This means that they have to:
be safe
last for a reasonable amount of time
be fit for their intended purpose
have nothing wrong with them (unless the defect was noted at the time of sale)
Whats the Trade Descriptions Act?
According to the Trade Descriptions Act, false or misleading information must not be given about products. For example, accurate information must be given about who made the product.
Fake designer goods that are marketed as genuine are a clear breach of the Trade Descriptions Act.
Whats the Consumer Credit Act 1974?
This Act protects you when you borrow or buy on credit. The Consumer Credit Act states that:
Businesses must have licences to give credit.
No one under 18 is to be invited to borrow or buy on credit.
Businesses have to state an Annual Percentage Rate (APR). If you sign a credit agreement at home you have several days in which you can tear up the agreement. This is called a ‘cooling off period’.
