Integrating Elements of the Marketing Mix Flashcards
All 5 cards in this deck
True or false? The four elements of the marketing mix can be decided separately from one another.
False. They must work together and be consistent, or the product will not appeal to the target market.
If a business charges a premium (high) price, how should the other elements of the mix support this?
e.g. a luxury watch
High-quality product and design, sold in exclusive outlets, with image-based promotion — so the luxury watch is sold only in specialist stores.
Why does a business's marketing mix need to change over time?
Because the product moves through its life cycle and the market changes (competitors, technology, tastes), so the mix must be updated to keep sales up.
Name one external change that might force a business to change its marketing mix.
New technology such as e-commerce and m-commerce.
e.g. also new competitors, changing customer tastes or new laws.What are the steps to use sales data to recommend a change to the marketing mix?
e.g. sales of a snack bar have fallen for three years in a row
- Identify the trend and life cycle stage: falling sales means decline
- Choose the element to change: promotion — an extension strategy such as new packaging plus advertising
- Justify it for the target market: renewed interest should lift sales again