The marketing mix and the four Ps

What is the marketing mix?

A set of controllable decisions used to market a product effectively

Which list correctly identifies the four Ps of the marketing mix?

Product, price, place and promotion

In the marketing mix, what does product refer to?

The goods or services offered to customers, including their features and design

What does price mean within the marketing mix?

The amount charged to customers for a product

Within the four Ps, what is meant by place?

How and where a product is distributed and made available to customers

What is promotion in the marketing mix?

Communicating with customers to inform or persuade them about a product

A business redesigns its packaging and adds new product features. Which element of the marketing mix is it changing?

Product

A manufacturer begins selling directly through its own website rather than only through retailers. Which P has changed most directly?

Place

Which decision is primarily a promotion decision?

Running a social media advertising campaign

Why should the four elements of the marketing mix be coordinated?

Decisions about one element can affect the effectiveness of the others

A business wants to present a product as high quality and exclusive. Which marketing mix is most consistent with that aim?

Premium price, distinctive design and carefully selected retailers

What is penetration pricing?

Setting a low initial price to attract customers and gain market share

What is price skimming?

Setting a high initial price and lowering it over time

Which factor is most directly considered when making a place decision?

The distribution channels customers use to obtain the product

What is the main purpose of branding as part of product decisions?

To give the product a recognisable identity and distinguish it from rivals

Market research shows that the target market values convenience. Which marketing mix response is most appropriate?

Make the product available through accessible outlets or online channels