How does the price influence the choice of place?

Premium products are sold through exclusive outlets that match their image. Low-priced goods need wide distribution to sell in high volumes.

How does the product influence the choice of place?

Perishable products such as fresh bread need local, fast distribution. A product that customers want to try first suits physical shops.

How does a change in one element of the marketing mix affect the others?

A change to one element often forces changes to the rest. A new premium product range may need higher prices, new promotion and more upmarket outlets.

Edexcel GCSE Business 1BS0

Enterprise and Entrepreneurship

Topic overview The dynamic nature of business Risk and reward The role of business enterprise

Spotting a Business Opportunity

Topic overview Customer needs Purpose and methods of market research Market research data and its reliability Market segmentation The competitive environment

Putting a Business Idea Into Practice

Topic overview Business aims and objectives Business revenues, costs and profits Cash and cash flow Sources of business finance

Making the Business Effective

Topic overview Business ownership and limited liability Franchising as a start-up option Business location The marketing mix Business plans

Understanding External Influences on Business

Topic overview Business stakeholders Technology and business Legislation and business The economy and business Responding to external influences

Growing the Business

Topic overview Organic and inorganic business growth Public limited companies and finance for growth Changes in business aims and objectives Business and globalisation Ethics, the environment and business

Making Marketing Decisions

Topic overview Product design, life cycle and differentiation Price and pricing strategies Promotion strategies and technology Place and methods of distribution Using the marketing mix to make business decisions

Making Operational Decisions

Topic overview Business operations and production processes Working with suppliers Managing quality The sales process

Making Financial Decisions

Topic overview Profit, profit margins and ARR Understanding business performance

Making Human Resource Decisions

Topic overview Organisational structures and communication Different ways of working Effective recruitment Effective training and development Motivation in the workplace

Making Marketing Decisions

Using the marketing mix to make business decisions

3 things to know
Paper 2

Overview

How each element of the marketing mix affects the others, competitive advantage from product, price, promotion and place, and an integrated marketing mix for a luxury brand.

What you need to know

Answer each one before you reveal it.

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Key term

How does promotion influence the price a business can charge?

Key term

How does the product influence the price?

Key term

How does the price influence promotion?

Questions from this subtopic

Each one with the model answer underneath.

1
How does promotion influence the price a business can charge?
Model answer
Promotion that builds a strong brand image lets a business charge a premium price. Heavy promotion also adds cost, which the price must cover.
2
How does the product influence the price?
Model answer
A high-quality or innovative product can justify a high price. A basic product must be priced to match cheaper rivals.
3
How does the price influence promotion?
Model answer
A premium price needs promotion that stresses quality and exclusivity. A low price is often promoted through special offers and price comparisons.
4
How does the price influence the choice of place?
Model answer
Premium products are sold through exclusive outlets that match their image. Low-priced goods need wide distribution to sell in high volumes.
5
How does the product influence the choice of place?
Model answer
Perishable products such as fresh bread need local, fast distribution. A product that customers want to try first suits physical shops.
6
How does a change in one element of the marketing mix affect the others?
Model answer
A change to one element often forces changes to the rest. A new premium product range may need higher prices, new promotion and more upmarket outlets.

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Enterprise and Entrepreneurship

Spotting a Business Opportunity

Putting a Business Idea Into Practice

Making the Business Effective

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Revenue = price × .

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