Choosing the marketing mix (AQA GCSE Business): Flashcards
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Practise the cards
14 cards from this deck
4 Ps of marketing mix
4 Ps of marketing mix
Product, price, place, promotion
Why called marketing 'mix'
Why called marketing 'mix'
Elements influence each other & must work together harmoniously
Interconnected nature of marketing mix means
Interconnected nature of marketing mix means
Changes to one element affect others; can't focus on one alone
Effective marketing mix must meet...
Effective marketing mix must meet...
Customer needs
Effective mix provides...
Effective mix provides...
Competitive advantage
Examples of price-focused businesses
Examples of price-focused businesses
Discount supermarkets, low-cost airlines
Examples of promotion-focused businesses
Examples of promotion-focused businesses
Soap powder manufacturers, furniture retailers
Examples of product-focused businesses
Examples of product-focused businesses
Luxury vehicle manufacturers, tailor-made holiday providers
Examples of place-focused businesses
Examples of place-focused businesses
Convenience stores, coffee shops
Premier Inn's pricing strategy type
Premier Inn's pricing strategy type
Dynamic pricing starting from approx £69/night
Why must marketing mix evolve over time
Why must marketing mix evolve over time
Market conditions, consumer preferences & competition change
Balance & consistency in marketing mix means
Balance & consistency in marketing mix means
Product quality aligns with price, promotion & distribution
Why coordination of marketing mix is critical
Why coordination of marketing mix is critical
Prevents customer disappointment & maintains brand reputation
Product-focused businesses compete on
Product-focused businesses compete on
Quality, innovation, or uniqueness