The Marketing Mix Flashcards

All 8 cards in this deck

What is the marketing mix?

The combination of price, product, promotion and place (the four Ps) that a business uses to market its product.

What does 'place' mean in the marketing mix?

How and where the product gets to the customer, e.g. a shop, a website or a delivery service.

What does 'promotion' mean in the marketing mix?

How a business communicates with customers to make them aware of the product and persuade them to buy it.

Give one way a small business could use price to become more competitive, and its effect.

Charge lower prices — customers are more likely to buy because it is cheaper than other products, attracting customers away from competitors.

What is the impact of e-commerce on a small business's marketing mix?

It changes place — the business can sell 24/7 to customers anywhere, and may lower prices because costs of premises are lower.

What is the impact of digital communication on a small business's marketing mix?

It changes promotion — social media, email and websites reach a wide audience cheaply and allow quick feedback from customers.

True or false? If the product is good enough, the other elements of the marketing mix do not matter.

False. All four elements must be balanced and work together, or customers will not find, afford or hear about the product.

How do changing consumer needs affect a small business's marketing mix?

e.g. a café's customers increasingly want vegan food

The business must adapt elements of the mix to keep meeting customer needs — the café adds vegan dishes to its product range and promotes them to attract those customers.