Unit 2.2.5 Using the Marketing Mix to Make Business Decisions

The marketing mix is often referred to as the 4 Ps.

• True

• False

A business reduces its price by 50% for a limited time. Which element of the marketing mix is impacting the price of the product?

• Promotion

• Product

• Place

A t-shirt manufacturer is trying to reduce the cost of producing its t-shirts. What is likely to be affected in order to cut costs?

• Promotion

• Quality

• Place

• Advertising

True or False: You would expect a high end luxury watch to be promoted by a ‘buy one get one free’ offer or some sort of substantial money off promotion.

• True

• False

What does it mean if a business has a competitive advantage?

• They have found a way to produce a good or provide a service better than their competitors

• They have increased their market share since the previous year

• The business has a larger volume of customers

• The business has increased its promotional activities

True or False: A business can gain a competitive advantage by having an integrated marketing mix.

• True

• False

Which of these is NOT an element of the marketing mix?

• Product

• Place

• Purchase

• Promotion

A luxury car manufacturer decides to use a substantially more expensive material for the seats in the vehicle. Which two elements of the marketing mix are most likely to be affected?

• Product and promotion

• Place and promotion

• Place and product

• Product and price

What is the ultimate goal of marketing?

• To increase sales

• To reduce competition

• To increase prices

• To decrease revenue

A business decides to move from a physical store to selling only online. What part of the marketing mix is this decision directly impacting?

• Product

• Price

• Place

• Promotion