2.2 Marketing Mix Flashcards Preview

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Flashcards in 2.2 Marketing Mix Deck (8)
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What are the 4 Elements of the Marketing Mix?



Describe the 'Product' element in the marketing mix

Product Range - A range of products is offered

Product Differentiation - Selling a range of products


Describe how the price element works in the marketing mix

When deciding a price for products, a business needs to consider:

Prices charged by competitors
How prices can be used to increase sales of the product
Will prices cover costs of production?

Economies of Scales (Buying in Bulk)


Give some methods of promotion

Advertising (local press)
Free Publicity
Recommendation (word of mouth)
Direct Mail (Letters, leaflets)
Personal Selling
Own website
Banners/Popups on other websites


What are the advantages and disadvantages of some methods of promotion?


Advantage - Raises awareness of the product
Disadvantage - Costs money and newspaper will be full of adverts

Free Publicity:

Advantage - Free Advertising as local press have written the story
Disadvantage - Feedback can't be controlled

Recommendation (Word of Mouth):

Advantage - Free and Quick
Disadvantage - Message might be turned into negative publicity

Direct Mail:

Advantage - Suitable to local area
Disadvantage - Mostly ignored

Personal Selling:

Advantage - Get instant feedback
Disadvantage - Ignored by people and time consuming

Own Website:

Advantage - People can find more information, cheap to set up, can be updated and everyone can see it
Disadvantage - People may not be aware about the website

Banners/Popups on other websites:

Advantage - Easy to grab attention but attractive to design
Disadvantage - People get rid of them as they can be annoying


How does a business select suitable methods?

According to their budget (Budget is usually small)


Give the definition of a wholesaler

Buying large quantities of products from suppliers but selling it in smaller volumes to retailers


Give the definition of a retailer

Shops that sell to a customer the products they have purchased from other companies