lesson 2

Question 1

what is the marketing mix?

Answer 1

the elements of a firm’s approach to marketing that enable it to satisfy and delight its customers

Question 2

Why are the 4 P’s manipulated?

Answer 2

the 4 p’s are manipulated by the firm to maximise sales and profit, create a brand a develop customer loyalty and to create a unique selling point(USP)

Question 3

what are the 4 P’s

Answer 3

place, promotion, product and price

Question 4

what is product

Answer 4

products include physical features and specifications of the product

Question 5

what key features should products have have

Answer 5

functionality
reliability
durability
suitable packaging
fashionable in keeping with social trends

Question 6

what does price refer to

Answer 6

this refers to the way the product is priced and the rationale behind it.

Question 7

what is price skimming?

Answer 7

a firm charges the highest initial price that the customers will pay and then lowers it over time.

Question 8

what pricing penetration

Answer 8

it is a pricing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering then slowing increasing the price