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Business

GCSE · Edexcel

QuestionsFlashcards

2.1 Growing the Business
2.2 Making Marketing Decisions
2.3 Making Operational Decisions
2.4 Making Financial Decisions
- Business Calculations
  6
- Understanding Business Performance
  8
2.5 Making Human Resource Decisions

3.1 The Exam Papers
- Paper 1: Investigating Small Business
  6
- Paper 2: Building a Business
  6
3.2 Business Exam Skills
3.3 Structuring Your Responses

Using the Marketing Mix To Make Business Decisions Flashcards

All 6 cards in this deck

What are the four elements of the marketing mix?: Product, price, place and promotion.
What is an integrated marketing mix?: One where all four elements work together and send a consistent message to the target market.
How can a change to the product affect the other elements of the marketing mix? e.g. a business upgrades its product to a premium version: A better product allows a higher price, promotion that stresses quality, and sale in more exclusive places.
What is competitive advantage?: A feature or benefit that makes a business's product better than rivals' in the eyes of customers.
True or false? Price is always the most important element of the marketing mix.: False. Product, place and promotion may matter more, as the product itself ultimately generates customer demand.
True or false? A small business can always win customers from a large national chain by cutting its prices.: False. A large chain may have a lower cost per customer, so the small business should consider competing in other ways, such as on quality.