1.4.3 The marketing mix

Place

• How and where the supplier is going to get the product or service to the customer

• The development of an internet based business

• Ensuring that the business has a high profile on the high street

• The development of a regional or national chain within the business

Price

• Determined by the franchisee rather than the franchiser

• Always based on cost plus a particular rate of mark up

• Setting the price that retailers must pay, which in turn affects the customer price

• The cost of producing the product for the business

Product

• Ensuring that the retail price of the good or service is in line with competitor prices

• The development of new markets using improvements in technology

• Targeting customers with a product that has the right blend of functional and visual benefits, without being too expensive to produce

• The development of new methods of delivering the good or service to the customer

Promotion

• Related specifically to price reductions, such as 30% off an item in a sale

• All the ways the business has to persuade customers to buy – branding, packaging, short-term offers

• Enhancing the career path of an employee by enabling them to undertake tasks with greater responsibility

• Purely related to the advertising of the product

The 4 Ps

• Price, Promotion, Place and People

• Price, Promotion, Packaging and Place

• Price, Product, Promotion and Place

• Price, Product, Promotion and Packaging

The competitive environment

• The development of branding to differentiate the product from its competitors

• The degree and closeness of competition between similar businesses

• A location which is busy – such as a crowded beach

• The desire to operate in a market which is close to the customer base

Market research

• A business’s ability to predict what its competitors are planning

• The action or activity of gathering information about consumers' needs and preferences

• The development of new methods of communication so as to connect further with customers

• An academic process which analyses the changing trends in society

What does the word integrated mean when applied to a marketing mix?

• All of the 4Ps are designed by one person

• The 4 elements must complement each other

• The product is at the centre of informing other aspects of marketing

• The elements of the promotional mix will work well together

Which two of the following are impacts of technology on the marketing mix?

Select two answers:

• Fixed premises

• Digital communication

• Databases of employees

• Accounting spreadsheets

• E-commerce

Which of the following is true in relation to e-commerce?

• It involves customers buying products by visiting a physical store

• It is the least direct channel of distribution

• It refers to buying and selling products over the internet

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