The Marketing Mix - Unit 1 and 3 Flashcards
1
Q
What are the 4 elements of the marketing mix?
A
- Product
- Place
- Promotion
- Price
2
Q
What things does the product section involve? Name at least 2.
A
- Function
- Packaging
- Function
- Specifications
3
Q
What things does the price section involve? Name at least 2.
A
- Premium price (high)
- Discounted (low)
- Price match (same)
4
Q
What things does the promotion section involve? Name at least 2.
A
- Advertising
- Direct mail
- Brochures
- Sales promotions
5
Q
There are a 3 ways in which businesses might PLACE their business
A
- Direct - e.g Internet
- Retail - e.g shops
- Wholesaler - breaks down bulk supply of a product and distributes to retailers
6
Q
Price is important because it gives customers an indication of…
A
Quality
7
Q
In competitive markets, changes in price can have significant influence on ______
A
Demand
8
Q
Branded products generally have a higher price because they are more expensive to _______ and _______
A
Produce and promote
9
Q
Reasons for promoting a product include: Name at least 2
A
- Creates awareness
- Communicates product benefits and features to customers
- Building a strong brand image
- Boosting sales
