The Marketing Mix

Question 1

What is the marketing mix?

Answer 1

The four elements that must be considered for good marketing (product, place, price and promotion).

Question 2

Name the four Ps.

Answer 2

Product
Place
Price
Promotion

Question 3

What is disposable income?

Answer 3

Money left over after paying: rent/mortgage, bills, tax and subscriptions.

Question 4

State factors that affect a business’s marketing mix. (3)

Answer 4

1. Changes in technology
2. Changes in customers’ needs and wants
3. How competitive the market is

Question 5

Suggest how the four Ps influence one another. (2)

Answer 5

1. The place (or channel of distribution) that a product is sold through will also affect its pricing and promotion.
2. For example, products sold online may use more online advertising and be cheaper than those sold in stores as the business may have lower fixed costs (e.g., rent).