Using the Marketing Mix Flashcards

All 10 cards in this deck

What is competitive advantage?

A feature of a business that allows it to perform better than its rivals and gives customers a reason to choose it.

What is an integrated marketing mix?

A mix in which product, price, promotion and place all work together to support the same message and target market.

Give one way the product can influence the price in the marketing mix.

A high-quality or well-differentiated product can be sold at a premium price.

Give one way promotion can influence the price in the marketing mix.

Promotion that builds a strong brand adds value, so the business can charge a higher price.

Give one way place can influence the other elements of the marketing mix.

Selling online cuts costs such as rent, so lower prices can be charged; a luxury product may instead need exclusive stores and premium pricing.

True or false? Price is always the most important element of the marketing mix.

False. Other elements, such as product, promotion or place, may matter more depending on the product and market.

Give one way a business can use the marketing mix to build competitive advantage.

Any one of: differentiate the product so it stands out, price below rivals, target promotion at its market segment, or distribute more conveniently than rivals.

Why does a business need to change its marketing mix over time?

Because customer needs, competitors and technology change, so the mix must be reviewed to stay competitive.

Why does an integrated marketing mix strengthen competitive advantage?

The four elements reinforce each other and give customers a consistent message, making the business harder for rivals to copy.

How can a volume pricing strategy influence promotion?

The low profit margin on each item leaves little money for promotion, so the business may need cheaper methods.