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level: The Marketing Mix

Questions and Answers List

level questions: The Marketing Mix

QuestionAnswer
What is the Marketing Mix?-The way the Business combines the Product and Price, then using Promotion and the Place of the Sale to be Successful. Its quite a bit of work
What are the 4PS in the Marketing Mix?-Product; The good and service -Price; How much that good/service costs -Promotion; How the Customer is found, and persuaded -Place; How the good is distributed
How are those 4Ps overlapping each other?Here are some Examples -High Quality Materials in a Product is going to have a Higher Price -Lower Quality Products will not be bought at a High Price -New and Improved products need to be Promoted to Existing and Potential Customers
How can the Marketing Mix be affected by Competitions?If there is none: -The Product will have little thought on updating/developing, as well there is nothing else to Challenge it -The Price will be set high, as again no other products can Challenge it. [More Profit] -The Promotion just simply needs to be Alerted by the Market really. Your the Only Business in that Market. -The Place should be more Convenient of the Business, rather then the Customer, because, no else is Selling the Product If there is: -The Product will have to be reviewed again and again. Even bringing in New Models, to win Customers over. Quality and Customer Service is essential for survival -The Price will have to be Reduced to challenge Competitors. Profits will suffer -The Promotion has to Attract New Customers and keep its Existing Customers -The Place has to be Convenient on behalf of the Customer needs. This could be an Increase in Distributions or Opening Costs
How can Recent Trends affect The Marketing Mix?-Marketing changes as Customers Needs Change -Demands on Some Goods and Services will be changed, but so will how they Find your Product, or How they Buy it. Examples may be; -Increase in Online Shopping -Use of Smartphones and Apps -More Health Conscious People -More Price Comparisons and Review Sites -Bigger use of Social Media -Credit spending Increase -Brexit changing Decisions
How is Market Research linked in to the Marketing Mix?-Your Market Research is linked as it gives Information on the -Product -Price -Promotion -Place This helps with the Businesses Decisions