Price

• What is the marketing mix made up of?

  The four Ps: product, price, place, promotion
• Why must all elements of the marketing mix work together effectively?

  To ensure a successful marketing strategy
• What does price refer to in the marketing mix?

  The amount charged for a product or service
• How are prices typically set according to customer behavior?

  Based on what customers are willing to pay
• What is the general rule regarding quality and price?

  High quality usually means a high price
• Why might a business set low prices?

  To generate high levels of sales
• How might a company use pricing strategies to influence sales?

  By lowering prices to increase demand
• What factors can influence the price of a product?

  Competition, customer opinions, brand image, availability
• How does competition affect pricing?

  A business may need to reduce prices
• How can customer opinions influence pricing?

  They affect perceptions of product worth
• Why might a product have a higher price due to brand image?

  Customers perceive the brand as desirable
• What happens to prices when a product is in short supply?

  Prices can increase due to demand
• What is an example of a product that may have a high price due to perceived quality?

  Sports cars and designer bags
• How does the marketing mix relate to changing consumer needs?

  It must adapt to meet those needs
• What impact does technology have on the marketing mix?

  It can change how products are marketed
• What is the definition of the marketing mix?

  A marketing tool made up of four Ps
• What is the importance of the marketing mix in business?

  It helps create effective marketing strategies