110 the marketing mix

Question 1

what is the marketing mix

Answer 1

a combination of elements used by a business to enable it to meet the needs and expectations of customers. 4ps of marketing:price, product, place and promotion

Question 2

benefits of an effective marketing mix

Answer 2

increased brand loyalty -allows you to charge your products at a high price since people would buy it regardless -this leads to increased sales

ability to charge at a higher price - if the business can satisfy customer needs through high quality products that are well promoted and accessible- customers will pay more , profitability

increased market share customers are more likely to buy a product that meets their needs -domination of the market-long term price setting power

Question 3

what does the effectiveness of a marketing mix depend on

Answer 3

• finance available- the more capital a business has available , they can invest in better production methods
• competitiveness of the market -depends on the decisions made by competitors , if they copy it make decisions better