The marketing mix (Edexcel GCSE Business): Flashcards
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Practise the cards
12 cards from this deck
Marketing mix
Marketing mix
Framework helping companies meet customer needs whilst making profit
The 4 Ps in marketing mix
The 4 Ps in marketing mix
Product, Place, Promotion, Price
Product element of marketing mix
Product element of marketing mix
What you're selling (features, benefits, qualities)
Product differentiation
Product differentiation
Making products stand out from competitors through unique features
Place element of marketing mix
Place element of marketing mix
How and where product reaches customers (distribution strategy)
Promotion element of marketing mix
Promotion element of marketing mix
All ways you communicate with potential customers
Types of promotional methods
Types of promotional methods
Traditional ads, digital marketing, sales promos, sponsorship, PR
Multi-channel promotion strategy
Multi-channel promotion strategy
Combine multiple approaches to reach customers at different touchpoints
Price element of marketing mix
Price element of marketing mix
Must reflect customer value whilst covering costs & generating profit
Key characteristic of pricing
Key characteristic of pricing
Highly subjective - varies by customer group
How should the 4 Ps work together?
How should the 4 Ps work together?
As an integrated strategy, not independently
Market research role in marketing mix
Market research role in marketing mix
Identifies which elements matter most to target audience