igcse business studies- marketing mix Flashcards
(25 cards)
What are the four elements of the marketing mix?
Product, Price, Place, Promotion
True or False: The marketing mix is also known as the 4Ps.
True
Fill in the blank: The _____ refers to the features and benefits of a product.
Product
What is the primary goal of pricing in the marketing mix?
To determine the right price that maximizes profit while being attractive to customers.
Which element of the marketing mix involves selecting distribution channels?
Place
What does promotion include in the marketing mix?
Advertising, sales promotions, public relations, and personal selling.
True or False: Place refers only to physical store locations.
False
What is the definition of ‘market segmentation’?
The process of dividing a target market into smaller, more defined categories.
Which element of the marketing mix takes into account competition and consumer demand?
Price
What is a ‘product life cycle’?
The progression of a product through introduction, growth, maturity, and decline stages.
Fill in the blank: The _____ of the marketing mix focuses on how to communicate with customers.
Promotion
What is ‘brand positioning’?
The process of positioning your brand in the mind of your customers.
True or False: A product can only be a physical item.
False
What is the purpose of sales promotions in the marketing mix?
To stimulate short-term sales and encourage customer purchases.
What does ‘distribution strategy’ refer to?
The plan for delivering the product to the consumer.
Which marketing mix element deals with the communication of benefits to customers?
Promotion
Fill in the blank: The _____ is the amount of money charged for a product.
Price
What is meant by ‘target market’?
A specific group of consumers at which a company aims its products and services.
What role does packaging play in the marketing mix?
It serves to protect the product and attract consumers’ attention.
True or False: Increasing the price of a product always leads to higher profits.
False
What is ‘market research’?
The process of gathering, analyzing, and interpreting information about a market.
What does the ‘place’ element of the marketing mix refer to?
The locations and methods used to make the product available to consumers.
Fill in the blank: A successful marketing mix is tailored to the needs of the _____ market.
target
What is the significance of ‘customer feedback’ in the marketing mix?
It helps businesses to improve their products and marketing strategies.
