The Integrated Marketing Mix Flashcards
All 11 cards in this deck
Give one way promotion can influence the price in the marketing mix.
Promotion that builds a strong brand image makes customers willing to pay more, so the business can charge a higher price.
Give one way place can influence the other elements of the marketing mix.
Any one of: selling online cuts costs such as rent, so lower prices can be charged; a luxury product may need exclusive stores and a high price.
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-designed product can be sold at a higher price.
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.
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.
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.
How might falling consumer incomes affect a business's product decisions?
It may design a cheaper, more affordable range.
How might environmental considerations affect the place element of a business's marketing mix?
It may change how products are transported or distributed, or where they are sold.
Why does a new business usually need more promotion than an established one?
Customers do not yet know its product or where to buy it, while an established business's customers already do.
How does market research help a business set its marketing mix?
It shows what product customers want, the price they will pay, where they buy and which promotions appeal to them.