The Marketing Mix Flashcards

All 14 cards in this deck

What are the four elements of the marketing mix?

Price, product, promotion and place.

In the marketing mix, what does 'place' mean?

How and where the product or service is distributed to customers, e.g. in a shop, online or at the customer's home.

In the marketing mix, what does 'promotion' mean?

The methods used to make customers aware of the product and persuade them to buy, e.g. advertising or social media.

Give one benefit to a small business of having a unique selling point (USP).

Any one of: it gives a competitive advantage so customers buy from it rather than rivals, raising market share; it allows the business to add value and operate profitably.

What does it mean to 'balance' the marketing mix?

Adjusting price, product, promotion and place so they work together and suit the competitive environment the business is in.

In a highly competitive market, what is one risk of competing by lowering prices?

Rivals can match the price cut, removing any competitive advantage.

How might changing consumer lifestyles affect the 'product' part of the marketing mix?

The design may need to change, or extra features be added, so the product still meets consumer needs.

How might consumers having less money to spend affect the marketing mix?

The business may change its prices (e.g. lower them) so customers still feel they are getting value for money.

Give one impact of e-commerce on a business's marketing mix.

Any one of: place — it can sell to a much wider market online; price — it may have to lower prices to stay competitive online.

Give one drawback of using e-commerce to sell products such as clothing.

Customers cannot try the product on or check its quality first, so they may be reluctant to buy.

How can digital communication such as social media improve a small business's promotion?

It makes it easy to communicate advice and prices to customers, and customers can leave positive reviews that spread word-of-mouth recommendation.

True or false? A business can decide its price without considering the other elements of the marketing mix.

False. The elements must work together — a low price can conflict with a high-quality product or brand image.

In the marketing mix, what does 'product' mean?

The good or service itself, with the features and qualities that customers need and want.

In the marketing mix, what does 'price' mean?

The amount customers are charged, which should match the value they believe the product gives them.