| What is the Marketing Mix? | -The way the Business combines the Product and Price, then using Promotion and the Place of the Sale to be Successful. Its quite a bit of work |
| What are the 4PS in the Marketing Mix? | -Product; The good and service
-Price; How much that good/service costs
-Promotion; How the Customer is found, and persuaded
-Place; How the good is distributed |
| How are those 4Ps overlapping each other? | Here are some Examples
-High Quality Materials in a Product is going to have a Higher Price
-Lower Quality Products will not be bought at a High Price
-New and Improved products need to be Promoted to Existing and Potential Customers |
| How can the Marketing Mix be affected by Competitions? | If there is none:
-The Product will have little thought on updating/developing, as well there is nothing else to Challenge it
-The Price will be set high, as again no other products can Challenge it. [More Profit]
-The Promotion just simply needs to be Alerted by the Market really. Your the Only Business in that Market.
-The Place should be more Convenient of the Business, rather then the Customer, because, no else is Selling the Product
If there is:
-The Product will have to be reviewed again and again. Even bringing in New Models, to win Customers over. Quality and Customer Service is essential for survival
-The Price will have to be Reduced to challenge Competitors. Profits will suffer
-The Promotion has to Attract New Customers and keep its Existing Customers
-The Place has to be Convenient on behalf of the Customer needs. This could be an Increase in Distributions or Opening Costs |
| How can Recent Trends affect The Marketing Mix? | -Marketing changes as Customers Needs Change
-Demands on Some Goods and Services will be changed, but so will how they Find your Product, or How they Buy it.
Examples may be;
-Increase in Online Shopping
-Use of Smartphones and Apps
-More Health Conscious People
-More Price Comparisons and Review Sites
-Bigger use of Social Media
-Credit spending Increase
-Brexit changing Decisions |
| How is Market Research linked in to the Marketing Mix? | -Your Market Research is linked as it gives Information on the
-Product
-Price
-Promotion
-Place
This helps with the Businesses Decisions |
