Week 5 - Elements of the Marketing Mix

Question 1

What is the Marketing Mix?

Answer 1

A set of variables that a marketer can exercise control over in creating an offering for exchange.

Question 2

What are the different types of Marketing Mix Frameworks?

Answer 2

1. The 4Ps Framework
2. The 7Ps Framework

Question 3

What is the 4Ps Framework?

Answer 3

A form of marketing framework that traditionally focuses on:
1. Product
2. Price
3. Promotion
4. Place (Distribution)

Question 4

What is the 7Ps Framework?

Answer 4

A marketing framework that is an evolved version of the 4Ps Framework. It includes Product, Price, Promotion, Place (Distribution) as well as three more:
5. People
6. Process
7. Physical Evidence