The marketing mix

Overview

Product, price, promotion and place, balancing the mix, how competition and changing needs alter it, and how e-commerce, digital communication and technology have changed each element.

What you need to know

Answer each one before you reveal it.

Questions from this subtopic

Each one with the model answer underneath.

1. 1

   What is the marketing mix, and what are its four elements?

   Model answer

   The marketing mix is the combination of factors a business uses to sell a product. The four elements are price, product, promotion and place.

2. 2

   What does the product element of the marketing mix cover?

   Model answer

   Product covers the good or service itself, including its features, quality and design. A product must meet the needs of its target customers.

3. 3

   Why is price an important element of the marketing mix?

   Model answer

   Price decides how much revenue each sale brings in. Price also affects how many customers can afford to buy and whether they see the product as good value.

4. 4

   What does promotion involve?

   Model answer

   Promotion is how a business tells customers about a product and persuades them to buy. Advertising, social media posts and special offers are forms of promotion.

5. 5

   What decisions does the place element of the marketing mix involve?

   Model answer

   Place covers how and where a product reaches customers. A business decides whether to sell through shops, online or both.

6. 6

   Why must the four elements of the marketing mix work together?

   Model answer

   Each element affects the others, so a mismatch confuses customers. A luxury perfume needs a high price, elegant promotion and upmarket stores.

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