2.2 Marketing Mix Flashcards Preview

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Flashcards in 2.2 Marketing Mix Deck (8)
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1

What are the 4 Elements of the Marketing Mix?

Product
Price
Place
Promotion

2

Describe the 'Product' element in the marketing mix

Product Range - A range of products is offered

Product Differentiation - Selling a range of products

3

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)

4

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

5

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

Advertising:

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

6

How does a business select suitable methods?

According to their budget (Budget is usually small)

7

Give the definition of a wholesaler

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

8

Give the definition of a retailer

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